Home Household appliances Experts announce upcoming 5-10% price hike for home appliances

Experts announce upcoming 5-10% price hike for home appliances

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LYNDHURST, Ohio – As supply shortages and rising prices for lumber, used cars and fuel continue to grab headlines, experts told News 5 that home appliances must be added to the list.

Inside Snow Bros. Appliance in Lyndhurst, it was not easy for owners to show News 5 their empty exhibit space.

“A year ago every hole, every cabinet and every display was full,” said President Bill Kent. “We would always be proud if our showroom had a product in every display. we can’t do it now. We can’t keep up.

Sales are up 20-25% so far this year on items such as refrigerators, dishwashers and ovens.

Despite this, the 99-year-old family business must keep a running list of ordered devices that have still not arrived.

“There’s a June and July product on this report that we still don’t have and really don’t have valid days for when it arrives,” Kent added. “The minimum is 6 to 8 weeks. It’s just the minimum. Truth be told, all we do is guess, because all our manufacturers do is guess.

“If their refrigerator dies, they won’t be able to get the one they want for 6 to 8 weeks,” added Vice President Melissa Kent. “Sometimes it’s hard to get this news out to people. “

When an item arrives at their store, Melissa Kent said it takes less than a week for someone to pick it up, even the showroom models.

“A lot of people compromise on what they buy to get what is available,” she said.

The ripple of this shortage extends beyond home renovations.

“Home appliances are hard to come by,” said Ohio REALTORS President Seth Task. “It’s an interesting twist for an already crazy real estate market. “

Once an afterthought, Task, a Cleveland-based real estate agent, told News 5 that home appliances now take longer for realtors when it comes to building or selling homes.

A February survey of the National Association of HomeBuilders found that nearly 90% of builders struggle to get hold of home appliances, with 51% calling it a major difficulty.

“I have a list of 93 things we do for a client during a contract,” Task added. “The 94th [item] now is to help you decide how quickly you should start searching for devices.

Back at Snow Bros. Appliance, they are preparing for the future.

“Almost all of the suppliers and manufacturers have announced price increases, some of which went into effect April 1,” said Bill Kent. “Every brand we have announced price increases of 5-10% on all of their products. “

According to Recently released consumer price index According to the Bureau of Labor Statistics, the cost of “major household appliances” increased 12.3% from April 2020 to April 2021, with laundry equipment registering the largest increase at 23.6%.

In order to best adapt to this changing landscape, Kent suggests those considering new devices plan months in advance, as he predicts that this shortage will continue at least until the end of the year.

“I know we’re all used to going into the store and ordering and getting it the next day or two, unfortunately it’s not like that right now,” he said. “If you’re planning on doing your kitchen remodel in the near future, this year or the first quarter of next year, you should probably be lining up to place your orders. “