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Remodeling Rebound
March 7th, 2012 10:49 AM

Residential contractors are hoping that this will be the year consumers decide to resume remodeling of their homes.  After more than three years of a slumping business, builders and remodeling contractors anticipate that remodeling projects will improve greatly this year.

Many homeowners are opting to make those long awaited improvements since the market is still too difficult to sell at a good price.  So adding or changing a bathroom, changing kitchen counters or cabinets, or making a lanai into a Florida room, are just some of the projects that are becoming popular once again.  However, the biggest share of home improvement spending goes for exterior repairs or upgrades.  Until nationwide home values improve, homeowners will be more conservative with their remodeling choices.

Most home improvement projects will begin at the time of purchase, especially a previously foreclosed home or  some short sales.  Even lenders are spending money to improve distressed houses and make them more attractive for buyers. 

The National Association of Builders is forecasting an almost 9% increase in remodeling this year and predict and 11% jump in 2013.  This is great news to create job growth and more construction in the industry.   

For those waiting out the market, it will be several more years before appreciation values are normal.  So now is a good time to make those improvements, whether major or small.

 


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Posted by Barbara Doeringer on March 7th, 2012 10:49 AMPost a Comment

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