January 3rd, 2017 | Kitchens
If you plan to do any sort of home renovations this year, get in line, because you won’t be the only one looking for a reputable contractor or designer to help with your project. According to the Leading Indicator of Remodeling Activity (LIRA) by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University, home renovation spending is expected to increase over last year, rising up to 8 percent at periods throughout 2017.
The catalyst for such an increased demand in renovations? According to the study, its twofold, and can be chalked up to both rising home values and increasingly competitive housing markets. The report also said renovation activity is expected to peak mid year, but slow down towards December. Still, it looks like it will be a landmark year.
“Even as remodeling growth trends back down, levels of spending are expected to reach new highs by the third quarter of next year,” said Abbe Will, Research Analyst in the Remodeling Futures Program at the Joint Center in a press release. “At $327 billion annually, the homeowner improvement and repair market will surpass its previous inflation-adjusted peak from 2006.”
Intimidated by the thought of updating your home or simply not sure where to start? Here are a few articles that will help you begin the home renovation process:
Or, get in touch with us to schedule a time to talk about your renovation goals or visit our showroom for inspiration.