The National Association of Home Builders (NAHB) reports that remodeling of kitchen and baths is on the rise. According to a recent survey, home remodeling has seen an increase over 2010 (the last survey done by the NAHB). Bathroom remodeling jobs have an edge over kitchen remodeling projects (perhaps because the cost of a kitchen remodel is generally greater than a bathroom remodel).
The trend of increased home remodeling can be attributed to many reasons. Among our thoughts are:
(1) Homeowners are deciding to stay in their homes longer. This decision means that rather than moving, homeowners are electing to stay in their current home and remodel it - give it a "face lift" - and enjoy living in their home.
There have been many reports of a lack of housing inventory in recent months. The California Association of Realtors reported that "Housing inventory remains extremely tight throughout the state and at levels severely under normal market conditions" (source: March home sales and price report).
(2) Homeowners are finding - or it's being recommended to them - that they update the look of their home before putting it on the market. More and more home sellers are updating their home to help it compete in the real estate market. This can mean more than just "home staging". It can mean that replacing old-style construction elements will help in the sale of the home. Buyers are looking for that sleek, updated look. You can read our previous blog post here: TV Shows Affect Real Estate
This survey is yet another indicator of today's real estate market climate. You can read our previous blog post --- Is NOW the right time to buy a home? It's great if now is the right time for you to buy a home ... but there needs to be a home on the market to buy!
You can read the NAHB press release here: Kitchens and Bathrooms Remain Top Remodeling Jobs According to NAHB Survey