Every two weeks, FCNews seeks out flooring retailers across the country to offer their advice on hot topics of the day. This week, we asked: Will a drop in mortgage rates spur business?
Here are their responses:
“I believe this drop will help our business. We are almost all residential remodel, and with the high-interest rates, no one was moving or remodeling. I’m hoping the rates will drop further, which will be much better for us. However, this rate reduction seems to be starting things moving in the right direction.”
—Janice Clifton
Abbey Carpets Unlimited
Napa, Calif.
“The east Tennessee region is one of the most desired locations for relocation. Consequently, the mortgage rate drop has not impacted our market as significantly as the influx of out-of-state buyers with substantial capital, many of whom do not require a mortgage.”
—Adam Chavira
Frazier’s Carpet One
Knoxville, Tenn.
“Mortgage rates dropping below 6% should encourage some buyers who’ve been sitting on the sidelines to move forward with. That said, consumer confidence needs to remain strong as well. Uncertainty surrounding the war in Iran can cause people to pause and consider how broader events might affect their personal financial situation.”
—Bruce Odette
Carpet Exchange
Denver
“The interest rate drop is very important to the economy in our area as well as the boost that we feel the real estate market needs. Although we were very excited for the drop, the war in Iran may throw a cloud over the good news. Hoping that ends quickly so we can get back to recovery in our area.”
—John Taylor
Taylor Carpet One Floor & Home
Fort Myers, Fla.
“I don’t believe that news of interest rate drops will improve sales for the smaller retailer. We experienced the same sales dip in 2017-18. Sales will improve, but it will occur late this year. That’s my prediction.”
—Bob Duke
Floor Magic
Damariscotta, Maine
