After years of sluggish growth, home remodeling is rebounding and more home owners are tackling long-delayed house projects to spruce up their homes.
The growth in remodeling is coming at a time when more home owners are once again seeing equity in their homes as the overall housing market picks up. “Home improvements can further boost home values and help sustain both the housing recovery and economic growth,” Realty Times reports.
Spending on home improvement projects rose 9 percent in 2012 — the first increase since 2007, according to the Joint Center for Housing Studies at Harvard University.
“With the U.S. economy and housing market now recovering, investment in the nation’s housing inventory is also picking up,” according to the JCH report. “Lenders and new owners are rehabilitating millions of foreclosed properties. Older home owners are retrofitting their homes to accommodate their future needs… And with the huge echo-boom population moving into the home buying market over the coming decade, the remodeling industry can look to an even more promising future.”
The National Association of the Remodeling Industry expects growth to continue in home remodeling, particularly as more clients feel more stable in their finances and employment situations. Do you see this as a trend in your market?
Source: “Home Improvement Growth Latches onto Housing Recovery,” RealtyTimes (Feb. 5, 2013)