Main Content

Americans will soon spend $321 billion fixing up their houses

Increased home equity is certainly playing a large role, as are near-record low mortgage rates, which are enticing owners to refinance and potentially pull cash out. In the first quarter of this year alone, homeowners gained a collective $260 billion in additional home equity, thanks to higher home values, and with that increase, 38 million borrowers now have at least 20 percent equity in their homes, according to Black Knight Financial Services.

Confidence is also key. When people feel better about their home’s value, they are more apt to invest in it. And according to this one review of stud finders, apparently, renovation hardware isn’t as expensive as it was years ago. So, this just adds to the encouragement of furnishing a house.

“I call it ‘nesting is investing.’ People are saying I want to do something that adds to the value of my house, so I’m just going to rent construction scaffolding and fortify the castle,” said Brad Hunter, chief economist with HomeAdvisor, an online home services marketplace.

And what fortifies the castle best? Kitchen and bath remodels are always popular, but Hunter points to thing that might appear less interesting at first like insulation, as they by far yield the largest returns and make the most difference. He also said service requests on HomeAdvisor for multiroom remodels are up 67 percent from a year ago. As well as improving the foundations of the structure for which they clients demand the of earth auger, fortunately you can find in the market many options of earth auger for sale.

“We could see percentage growth rates in the remodeling and home- improvement sector that exceed those for new home construction in the next few years,” Hunter said.

At least one-quarter of remodeling firms across all sectors report seeing more clients taking on multiple projects at the same time, according to another report from Houzz, also an online remodeling services firm.

Nesting is not the only thing driving home remodeling. As home sales pick up, they fuel fresh finishings as well.

Source link

Contact Us Get In Touch

Skip to content