Some of today’s homeowners find themselves unable to enter the housing market because of unsteady jobs or they are upside down in their mortgage. Still many have needs that need to be met due to outgrowning their current home or have repairs that need made. This helps explain a recent report that shows remodeling activity has reached record highs in recent months. Homesowners that are looking to remodel have taken advantage of historically low interest rates, now close to 4.0 percent for 30-year fixed rate mortgages.
While it may not make sense for some homeowner to move, they can still make modifications to their current home which will make it more livable and comfortable. These projects even raise the home’s value. "Mortgage rates continue to be near record lows, and as homeowners from coast to coast refinance, they are continuing to update their current home and invest in their properties. Homeowners are not only doing necessary maintenance repairs but also taking on projects that add to the livability of their homes by adding decks, remodeling their bathrooms and updating their kitchens. These are immediate fixes they will enjoy and that potential buyers look for.
The most popular projects are as follows.
- Roof (21.4%)
- Deck (7.9%)
- Bathroom (6.9%)
- Garage (6.1%)
- Kitchen (4.8%)
- Basement (2.9%)
- Office (1.7%)
- Sunroom (0.7%)
How much did the remodeling market improve in September? Remodeling Index shows rates rose 34 percent year-over-year. September was up 2% over August of this year. Interest rates are expected to remain low until 2013, according to the Federal Reserve, meaning this trend for fixing up and staying put could continue for the foreseeable future.
Comments(0)