Top two hottest markets for remodeling
Posted on Wednesday, July 18, 2012 at 7:49:07 AM
The recent economy encouraged homeowners to turn toward remodeling instead of buying new. As a result, the industry remained relatively strong in many metros. According to Hanley Wood’s Top 100 Markets list based on the Residential Remodeling Index (RRI), improvement projects are increasing.
Here are two metros with high remodeling rates:
1. Austin. The high dollar ZIP codes in the surrounding metro area are a driving force in Austin. According to the source, there are plenty of remodeling projects in the $300,000 to $400,000 range. In addition to having money, residents are happy to remain in the area.
"They don’t want to move, so that really pumps the remodeling market," Doug Marsh, president of Sky-West Builders, told Hanley Wood. "There’s a lot of stuff going on, and the remodeling permits are up."
2. Oklahoma City. The oil and gas industries kept business going in the region and provided a stable flow of income to residents that funded high-end remodeling projects. According to the source, about 70 percent of one contractor’s business consisted of luxury improvements. Now, the price range and job types have diversified.
Property owners in these metros or others may want to consider home improvement financing from Home Loan Investment Bank to fund their next project.