Hurricane Sandy could dampen home remodeling in the Northeast
Posted on Monday, November 12, 2012 at 2:43:53 PM
Hurricane Sandy recently wreaked havoc along the eastern seaboard and homeowners are starting to pick up the pieces. The National Association of the Remodeling Industry predicts this could result in a wake of home improvement projects in the area, but sentiment about the future on a national level remains mixed.
"Sandy inflicted up to $50 billion in estimated losses from property damage, lost business and additional living costs," said Daniel A. Murphy from Home Loan Investment Bank. "The damage was concentrated near the coastlines of New Jersey and New York City. Most of the rebuilding won't start right away, analysts noted. Insurance claims must first be settled. Government money will need to be allocated in some areas. And if the Northeast winter is severe, much work will have to be put off until spring. Remodelers have the ability to be proactive in several areas to help ease the anxiety and burden of repairs homeowner’s face as a result of the storm. An important element to providing quality and timely service will be to staff properly for the foreseeable future so that these repair projects can scheduled and completed in an organized and efficient manner. Discounts and rebates for those impacted by the storm can be offered as well such as offering a discount to match or exceed the to help offset the homeowner’s insurance deductible many homeowners will now be faced with. Remodelers may also broaden their responsiveness by forging new and reinforcing their existing relationships with insurance companies, lenders, manufacturers and distributors."
The U.S. economy and housing market continue to build momentum, and this could result in increased activity in other parts of the country in the near future despite a potential decline in the Northeast.