Housing and remodel market analysis: 2014 A good year for the remodeling industry.
With housing markets steady and growing in some areas, interest rates remaining low, and the economy holding, this is the ideal time for home remodeling. Experts in economic market analysis are suggesting that 2014 is a good year to remodel.
The “Leading Indicator of Remodeling Activity,” a report by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University, 2014 is off to a healthy start and they expect that growth to continue through the end of the year. Furthermore, they reported double-digit gains in 2014 over 2013 for the first quarter for the remodel industry, and 10 percent growth by the third quarter is expected. This growth is attributed to the stable housing market and homeowners’ confidence in the market. This could also result in an increase in home prices, housing starts, and home sales. With this growth, now is a good time to begin home improvements that were postponed during the recession.
At this time, interest rates are remaining low and banks are softening lending practices. If you have waited to begin that home improvement project, now is the ideal time. The National Association of Home Builders also reports increases from last year and predicts a good year for 2014. The Remodeling Market Index shows the highest numbers since 2004 in consumer confidence and remodeling activity in the market.
The experts at Remodeling Magazine released its latest “Cost vs. Value” report determining the return on investment for remodeling projects and they agree that 2014 is a great year to remodel.. In their 2014 report, all 35 projects on the list added more value this year than last year, and this is the second consecutive year of increases after years of decline.
For 2014, the top-ranking home improvement across the nation was a new front door, which according to the report adds 96.6 percent of the amount you spent to the value of your home. Among the projects yielding the highest returns, according to the Remodeling Magazine report, were garage door replacement and garage improvements.
Now is a great time to be in the garage. If you’re thinking about a redesign or a home renovation, consider finding your contractor team before beginning. The more you plan, the better your return on investment and the easier it will be to keep to your budget. Give us a call and set up your free garage remodel quote today!
