With a record-breaking year in the local housing market, could an interest rate hike mean stunted growth? Many are concerned rising mortgage rates could stunt Colorado Springs housing market growth, but for locally based national franchise Miracle Method, the housing market has meant a boom in business in their own backyard.
The refinishing company has been able to grow 15-20 percent over the last few years, working with homeowners looking to update their kitchens and bathrooms in order to sell their home, or who are looking to spruce up a pad they just purchased.
“Buyers will often use it as a negotiating tool,” Miracle Method president Chuck Pistor said to Colorado Springs Business Journal. “And we talk to sellers about dealing with those objections —dealing with the ugly — before it even becomes an objection.”
The same works on the flip side in a sellers market when homeowners are investing more to make their house stand out on the market.
Either way a raise in mortgage rates could signal continued growth for this brand.
“It helps people be more confident that where they are is where they need to stay and invest,” Pistor said. “Flipping and trading up is good for us, but it’s also good for us when people decide to make investments where they are.”