Looking for new construction or thinking about a home remodel?
According to an article published by Mortgage News Daily on January 19, 2016, builder confidence remains virtually unchanged and remodeling including both additions and alterations rose 2 points in the last quarter of 2015. What this means to you. PROS: Financing for renovation projects is easier to obtain now that home values are steadily increasing. CONS: Contractors are in high demand, a call today may mean scheduling work a few weeks out instead of same day. – Busy contractors are typically good contractors. Always read peer reviews and decide for yourself if its worth the wait. If you aren’t the handy type, keep in mind; good things may come to those who wait.
Need a local contractor? GOOD NEWS, we know several!
Excerpts from Mortgage News Daily:
(National Associated of Home Builders) NAHB also issued its Remodeling Market Index (RMI) for the fourth quarter of 2015. This reading is taken among remodeling specialist members and looks at perceptions of the current market and the outlook for future work. It is divided into four categories within the two timeframes, major additions and alterations, smaller remodeling projects, and home maintenance and repair.
The composite RMI posted a one point gain to 58 in the fourth quarter. This, NAHB said, was consistent with results over the last year and a half, “indicating sustained confidence in the market from remodelers.”
Major additions and alterations, the slowest-recovering component, rose to 54 from 52 in the previous quarter. The smaller remodeling projects decreased one point to 56 and the home maintenance and repair component of the RMI remained at 58.
“Remodelers’ outlook on the market has been positive for the past three years,” said NAHB Remodelers Chair Robert Criner. “Most importantly, the confidence has been continuous over this period. Professional remodelers have been hard at work rebuilding the sales pipeline during the past several years, and the RMI results are the proof that it’s paid off.”
The future market conditions index gained a point from the previous quarter. Among its four components, calls for bids and backlog of jobs each rose one point from the previous quarter-to 58 and 61, respectively. Meanwhile, the amount of work committed and appointments for proposals each rose two points from the previous quarter’s readings-to 57 and 60, respectively.
The current market conditions index was unchanged from the previous quarter at 56 with its major additions and alterations component up 2 points to 54, smaller remodeling projects down one to 56 and the home maintenance and repair component unchanged at 58.
Crowe said “The steady, performance of the RMI over the past six quarters is consistent with our projection for continued modest growth in remodeling spending.