The International Builders’ Show just wrapped in Las Vegas. There is good news to report for builders, and those homeowners who are in the deciding stages of whether to start a home remodel or room renovation to increase their home value. According to experts at a press conference hosted by the National Association of Home Builders (NAHB) at the (IBS), the numbers of people engaging in residential home remodeling is on a steady upswing in 2013. As reported by The National Mortgage Professional Magazine, the NAHB’s latest economic forecast revealed increased demand from home owners who are seeking kitchen and bathroom remodels and overall home remodeling and redesign. The projection is that remodeling for residential single-family homes—not investment properties—should increase 2.4 percent in 2013, and go up another 1.7 percent by 2014.
As quoted in the magazine, 2013 NAHB Remodelers Chairman Bill Shaw, GMR, GMB, CGP, a remodeler from Houston, said, “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. Our remodeler members are regaining confidence in the market as home owners move forward with projects that they put off in years past.”
When making a reference to room remodels like bathroom or kitchen renovations, Bob Hanbury, CGR, a remodeler from Newington, Conn. said, “Consumers want to create value by adding bonus spaces without building full additions to their home. 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.”
So if you are on the fence about remodeling a room or your entire home, consider the advantages of starting sooner than later. When supply and demand increases within a service industry, so does the cost. Therefore, now may be as good a time as any, to take advantage while the remodeling industry is showing just the beginning signs of growth spurt.
“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.
As a homeowner, don’t wait until your favorite local remodeling company is backlogged with clients, to contact them for a consultation. Get in before the boom! If the NAHB is right, home remodeling will be a hot trend in 2013.
As always, whether you are a trendsetter or trend follower, choose quality, period! Call Overland Remodeling (818) 214-7751 for your consultation today.