Do improving real estate markets and increases in home remodeling go hand in hand? A recent article by Carla Hill, writer and editor for Realty Times, suggests so. Hill suggests that the stall in spending during recent economic downturns led to less lending, and less lending led to fewer home improvements.
Hill says that the home remodeling business is at its highest point in four years, according to the National Association of Home Builders. David Crowe, NAHB Chief Economist, says, “Home remodeling continues to slowly increase and continued growth through the year is expected…The fact that some indicators are breaking 50 means re-modelers are seeing improving activity in their markets. While credit scarcity and economic uncertainty continue to weigh down remodeling, signs of increasing consumer interest are promising.”
For the Atlanta remodeling industry, this is good news, but homeowners may face some challenges when it comes to renovating their homes. Most people rely on loans for large home improvements, and lenders are still wary to dole out the dollars. Also, many people loss equity in their homes during the recession, so home equity lines of credit are no longer options when considering funding for home remodels. Uncertainty about the real estate future is still a factor, as well, and many homeowners simply don’t have the confidence to invest financially in their properties.
However, with home remodeling on the rise and the economy pulling itself to its feet, it may be a good time to consider those renovations you’ve been putting off in the past.
If you have questions about a home remodel, are curious about financing options or simply want a professional opinion about a home improvement you’ve had on the back burner, contact Glazer Design and Construction at 404.683.9848 or email Randy@GlazerConstruction.com.