Much attention is paid to what's selling, short sales, foreclosures, home staging but what's trending in Home Remodeling?
In the glory years of housing and a good economy remodeling often meant a total gutting of a room or rooms and building the State of the Art kitchen... one that any chef would envy.
But how has that industry been affected by the economy and where is it headed?
In an article by Mary Umberger, who covers Real Estate for the Chicago Tribune, she speaks of where the Remodeling Industry may be headed. Referencing Abbe Will, a researcher for Harvard University's Joint Center for Housing Studies, it seems that while the phones may be ringing in remodeling offices, customers are opting for a more practical approach.
Instead of focusing on major remodeling projects, homeowners have chosen to do only what was necessary... repairing roofs, upgrading their heating or cooling system, basic maintenance projects, especially if there were any plans to sell their house.
As of late, there has been a small growth in Home Improvement spending. Analysts expect a 3.5% increase in home improvement spending per year in the coming years.
And as those homes that were in foreclosure settle in to the hands of the new owner, deferred maintenance projects, those projects that the previous owner did not invest in, will definitely be needed.
And just as our nation is aging, so is our housing inventory. Not everyone will be living in a brand new home. With some homeowners deciding to stay where they are, these homes will be in need of updating and repair.
Some in the industry have expanded into Mold Remediation and providing a more "GREEN" type of service... remodeling projects that are healthy to the environment.
What does all of this mean? It may or may not mean anything to you, however in working with home owners, Buyers or Sellers, it's good to know where they may be headed regarding home improvement projects. What's going to be important to a Buyer... perhaps a house where improvements have already been made. For someone selling their home... knowing that any money they invest in their current home will be in only for what is necessary. It may mean learning more about living or remodeling "green" so that you be knowledgeable in the latest projects.
