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Home Remodeling to Rise in 2013

NationalMortgageProfessional.com
Jan 23, 2013

Residential remodeling will slowly and steadily improve in 2013, according to experts at a press conference hosted by the National Association of Home Builders (NAHB) Remodelers at the International Builders' Show (IBS) in Las Vegas. Remodelers speaking on the panel agreed with NAHB's latest economic forecast, citing increased demand from home owners for kitchen and bath renovations and repairs. NAHB projects that remodeling spending for owner-occupied single-family homes will increase 2.4 percent in 2013 over 2012, and another 1.7 percent in 2014. "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 2013 NAHB Remodelers Chairman Bill Shaw, GMR, GMB, CGP, a remodeler from Houston. "Our remodeler members are regaining confidence in the market as home owners move forward with projects that they put off in years past." "We are predicting slow and steady growth in remodeling activity throughout 2013 and 2014," said Paul Emrath, NAHB's vice president for survey and housing policy research. "That outlook is consistent with the indicators of future activity in our recent Remodeling Market Index (RMI) survey. Many remodelers are reporting increases in calls for bids and appointments for proposals, so now it's a question of how quickly they can convert those calls and appointments into actual work." "Consumers want to create value by adding bonus spaces without building full additions to their home," said Bob Hanbury, CGR, a remodeler from Newington, Conn. "As part of the economic recovery, professional remodelers are helping clients take advantage of their home's hidden assets by remodeling basements, above-garage spaces and attics to fully take advantage of the size of the home." "Backlog was what we are all looking for, and that seems to be the current trend as people are moving forward with projects that they had been thinking about for some time," said Ben Morey, CGR, CAPS, a remodeler from Signal Hill, Calif. "While the full teardown and rebuild market has not taken off, home owners are committing to projects that look for ways to create a new environment within the current floor plan of their home."
Published
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