FGA Roofing - Building Value in Challenging Times: The Case for Home Improvements Now

From Shingles to Slate: Discover the Best Roofing Options for Your Home

By Blake Chavis | President, FGA Roofing

You’re reading this neighborhood magazine probably to ease your mind of worldly problems... Unfortunately, I am going to reference some, but challenging markets can make excellent opportunities for Buyers. This is not just regarding roofing needs but all home services.

Per JCHS Home Improvement spending will decline in 2024 for the first time in several years. There are various larger economic issues affecting your family’s small window replacement project such as the real estate market, higher borrowing cost and consumer confidence. Many of these issues overlap themselves in some way, but do they harm these types of projects more? It may be assumed that windows cost what they did in 2019 after Inflation is adjusted for, but this is not the case most of the time at all. The National Association of Realtors ranks roofing as one of the only two 100% ROI exterior projects. Trades further down that list may not be affected by such a drop in real estate sales but residential roofing companies have been. A massive number of re-roofs are only completed for a home to sell either through negotiations or giving the house a facelift before it hits the market.

The construction industry has seen a much higher increase than most sectors of the economy. Skilled Labor has skyrocketed since 2020 and key raw components in most all construction such as wood and asphalt have spiked. Wood has recently gone down but there was a 24-month period where a $6 Sheet of plywood cost $65. The exact same product. You name it, Fencing, Windows, and Deck companies were left with empty calendars. In 2021, the roofing industry saw six National price increases from all major manufacturers. It took a year for prices to catch up and it dwindled companies out of the market. The consumer has been hurt too; the price adjustment did eventually land in the middle of 2023 at an average material price increase of 200%. This year has seen a lot of these costs start to dip to where they should be. That plywood I mentioned now goes for about $9.

The overall pricing is adjusting in the consumers’ favor while contractors are eager to earn business. As you plan your project and hopefully start with the roof, explore all the incentives present right now such discounted upgrades or zero percent financing. For more information on the best ways to repair or replace your roof, reach out at (770) 209-3823 or visit firstgaroof.com