2012 has started out on a pretty good outlook for the housing market. What remodel or renovation are you planning this year?
According to the National Association of Home Builders…
The residential remodeling market will continue to experience measured growth in 2012 after the Remodeling Market Index (RMI) rose to a five year-high at the end of 2011, according to panelists at a press conference held today at the National Association of Home Builders (NAHB) International Builders’ Show (IBS) in Orlando, Fla. While the overall housing market conditions continue to create a drag on remodeling growth, the growing trend among home owners to remain in their homes and remodel has provided a boost to the remodeling market.
“Remodelers are poised to continue our industry’s gradual improvement as we start 2012,” said 2012 NAHB Remodelers Chairman George “Geep” Moore, Jr., CGR, CAPS, GMR, a remodeler from Elm Grove, La. “It is our hope that home owners who want to remodel this year face less constrictions from lack of financing, fear of lost equity and challenging appraisals.”
The strongest sectors of the remodeling market at present are aging-in-place retrofits, energy efficiency upgrades, and reinvesting in distressed properties. The leading indicator for remodeling points to continued market volatility, but stronger growth in the second half of 2012.
“Spending on improvements to owner-occupied housing is nearly equal to that of new residential construction,” said Paul Emrath, NAHB’s vice president for survey and housing policy research. “NAHB predicts that residential remodeling will rise 8.9 percent in 2012.”
read more of this article at the NAHB website.