Consumer confidence remains high in remodeling market
Posted on Friday, February 1, 2013 at 2:57:30 PM
With the national housing market continuing to see increased property values in certain areas, American homeowners who are looking to remodel their existing houses may want to find a contractor and obtain home improvement financing soon.
According to information recently released by the National Association of Home Builders (NAHB), the remodeling market index (RMI) increased five points to 55 in the fourth quarter of 2012, marking the highest reading since early 2004. The index illustrates increasing activity across the country, and also projects future gains for the remodeling industry.
"We are more confident about the remodeling market's future coming off a strong year of residential remodeling growth, though the post-recession industry is still restrained by the amount of time it takes to convert leads to sales," said NAHB Remodelers chairman Bill Shaw. "Our remodeler members are regaining confidence in the market as home owners move forward with projects that they put off in years past."
The RMI was seen at levels of about 50 in all four regions of the nation. The Northeast surged 24 points from last year, primarily because of the start of work related to damage incurred during Superstorm Sandy, NAHB reported. Remodelers also indicated to the organization that activity was strong for owner-occupied properties in particular. In addition, the industry professionals rated all categories of remodeling in owner-occupied homes at a level of 56 or better.
NAHB estimates spending for owner-occupied single-family homes will rise by 2.4 percent this year over last, and another 1.7 percent increase could potentially be seen in 2014. Slow but steady growth throughout the housing market may be the answer to many of the problems brought about by the recent financial crisis.
Consumers who take on home improvement projects could see their home's value increase and become more attractive to buyers. Those hoping to remodel areas of their house can research a wide variety of available home improvement loans by contacting Home Loan Investment Bank.