Saturday, May 1, 2010

Remodeling to Become more Popular

According to the latest National Assn of Home Builders' (NAHB) Remodeling Market Index, the decline in remodeling activity is coming to an end.  The RMI measures remodeler perceptions of market demand for current and future residential remodeling projects. Any number below 50 indicates that more remodelers say market conditions are getting worse than report improving conditions. The RMI has been running below 50 since the final quarter of 2005, but the first quarter 2010 is the best showing since the first quarter of 2006, reported at 47.0.

Current conditions for the remodeling market improved in three regions: Northeast 45.8 (from 27.7 in fourth quarter 2009); Midwest 47.0 (from 37.5); and South 49.0 (from 40.0). However, remodeling conditions declined in the West to 36.6 (from 41.7). Major additions climbed to 53.8 (from 40.0), as did minor additions to 49.6 (from 40.7). Maintenance and repair grew to 36.6 (from 27.1).

"Although the overall RMI and most of its components are still slightly below the break-even point of 50, the recent improvements suggest that the remodeling market may soon reach its bottom and begin to grow in the coming months," said NAHB Chief Economist David Crowe. "However, professional remodelers are still operating in a highly competitive marketplace and dealing with consumers who are uncertain about the future."

If you are trying to decide between a remodel or sale of your Mercer County home, contact me now, before you spend any money.  I can tell you which improvements will bring the most value in your specific area, and how that will compare with an expected sales price in Hamilton, Robbinsville, Ewing, or any of our communities.

I have experience in the building trades and many years as a Realtor.  Get some professional advice - free, no obligation - and give me a call.

Joe Giancarli, Sales Associate

No comments:

Post a Comment

Site Meter