The National Association of Home Builders reports on Residential Remodeling
The National Association of Home Builders says that their Remodeling Market Index (RMI) has hit a new high in the first quarter of 2004. The RMI rated a 59, which is taken as a positive indicator. In the first quarter of 2003, the RMI was 46.4.
NAHB Remodelors Council Chairman Douglas Sutton, Sr., CGR, CAPS, a remodeler in Springfield, Illinois states "When the RMI moves above 50, it tells you that the industry is very healthy, and right now we are at 59, not only have we recorded the strongest first-quarter index rating in four years, but across the country we are also seeing record numbers of calls for bids and reports of backlogs that will keep us busy throughout the year."
We have been experiencing this in our own business. We are often consulted before remodeling begins --- the question being "remodel or move"? And, when plans are being drawn for possible additions/remodels, we are consulted to strategize for the most effective use of space and money! Does a fourth bedroom make more sense to add than a home office? Which will make us more money if we sell? People are considering these factors, even if they have no plans to sell in the near future. Plus, having seen so many houses over the course of our career, we are consulted to examine floor plans and traffic patterns. We are happy to give our opinion!
To read the entire press release from The National Association of Home Builders, please go here.