Remodeling Outlook Is Favorable for 2015
The remodeling outlook is favorable for 2015 both locally and nationally according to the National Association of Home Builders (NAHB). As there are many types of memberships for a traditional home builders association, there are many facets of the national real estate market that the NAHB keeps tabs on with remodeling and renovations being one of them. The remodeling business tends to trend upwards and downwards with the new
home and existing homes market. Whether homeowners are getting their house ready to put on the market and sell, or they are building an addition onto their existing home in order to make more room because they feel the real estate market may not be stable enough to move makes a difference as to how much business a person in the renovation business can get.
According to the press conference hosted by the NAHB Remodelers at the International Builders’ Show (IBS) in Las Vegas, the remodeling business forecast projects a 3% growth year-over-year compared to 2014, and another 1.5% growth is expected for 2016. The panel of remodelers who attended the press conference commented that it was changing homeowner demographics and financial security that have loosened up the market to allow more people to have renovations done to their homes.
“Remodelers are responding to calls from home owners on steadier financial footing than recent years,” said 2015 NAHB Remodelers Chairman Robert Criner, GMR, GMB, CAPS, CGP, a remodeler from Newport News, Va. “From major kitchen remodels and bath facelifts to room additions, the members of NAHB Remodelers look forward to providing professional remodeling services in 2015.”
According to the NAHB, the RMI (Remodeling Market Index) which surveys the confidence of remodelers in 4 categories – calls for bids, amount of work committed for the next three months, backlog of jobs and appointments for proposals – resulted in a score of 60 (any score above 50 means that confidence is high). In all 4 categories, the RMI saw an increase, and the score of 60 was a record high for this survey. Many economists, remodelers, contractors, and builders alike are cautiously optimistic that the real estate market has taken an upward turn that should not reverse itself. Ron Lee Homes in St. Tammany Parish Louisiana now offers complete remodeling services for the St. Tammany Parish area. For More Information about remodeling your home, Contact Ron Lee Homes today at 985-626-7619 or E-mail [email protected].
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