Positive Growth For The Home Remodeling Industry
Most homeowners make improvements on their home to increase its resale value. Fortunately, there is a painter and decorator that can make the cost of improvement highly affordable. Giving the interior and exterior a new coat of paint can make a big difference of the first impression generated from the potential buyer.
During the recession, Americans have to be satisfied with making simple maintenance jobs on their homes but with the improving economy, many are starting to ramp up their spending on backyard decks, spa-like bathrooms and other vanity improvements. It is estimated that home remodeling costs will hit $325 billion this year, a level that has not been reached since 2007. According to Hanley Wood of Harvard Joint Center for Housing Studies, the industry is predicted to fully recover this summer after 12 straight quarters of positive growth.
This forecast looks very bright for the remodeling industry as well as for professional painter and decorator because there will be more home improvements projects to attend to. With the improved economy and renewed consumer confidence, the industry will continue to grow steadily in the next several quarters.
According to John Center, neighborhoods that have high levels of remodeling activities are now enjoying stronger levels of price appreciation than areas where there is less activity. The recent surge in home improvement projects is due to the rising prices of previously owned homes. Sales of existing homes have increased by 3.2% in June, the highest since Februarys 2007. This is 9.6% higher than a year ago and it pushed the national median sales price to a record of $236,400.
According to the latest report from Standard & Poor/Case-Shiller national home price index, values have risen by 28.4% sicne February 2012 when the prices bottomed down due to the economic downturn. Today, homeowners make improvements to get a better price for their homes while recent buyers renovate because they do not like their new homes.
There are lots of remodeling projects from room expansions, rewiring, modernization of electrical circuits and adding new floors and fixtures. Thanks to the parallel rise in home buying because home remodeling is heating up.