For home improvement, fall season proves best
Posted on Friday, October 30, 2015 at 10:48:38 AM
Among standby activities like Sunday football and raking leaves, home improvement has proven to be a popular fall project. Metro Study, a research and consulting company, released their Q2 Residential Remodeling Index (RRI) in August. In addition to reporting higher-than-expected activity within the remodeling industry in the second quarter, the report predicted that year-over-year growth in replacement and remodeling projects would continue throughout 2015 in 355 of 381 Metropolitan Statistical Areas, with growth averaging around 5 percent.
The strengthening home improvement market can be attributed, in part, to the falling cost of gas. Since gas prices started to decline in 2014, the average American household has saved about $700. According to a report released by the J.P. Morgan Chase Institute in October, approximately 80 percent of that extra money is being spent. With gas prices expected to stay low through the end of the year, extra disposable income is being put to other uses, including energy efficient home improvements.
The fall season is the perfect time to approach your bank about home improvement financing. With winter right around the corner, low gas prices and a thriving market create an opportunity to make your home as warm and comfortable as possible.