Mortgage rates are beginning to climb back to 7% percent, pushing many prospective home buyers off the market. With warmer weather approaching and homeowners staying put, home renovations may see a surge in demand.
Bryan Fairbanks, CEO of composite decking manufacturer Trex (TREX), joins Yahoo Finance to discuss how the company figures into the current housing market.
Though Fairbanks states that most of Trex’s business is tied to repair and remodeling within existing builds, Fairbanks signals he isn’t worried about the housing market picking up steam: “Interestingly, when the consumer moves back to that move-up cycle, what we see is people improving that move-up home along the way. So what I was worried about is without people moving up, we would actually see a headwind. Instead what we saw was a continuing tailwind. So it’s really kind of the Goldilocks situation.”
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Editor’s note: This article was written by Nicholas Jacobino
