The National Association of Home Builders (NAHB) has released its quarterly Remodeling Market Index (RMI), and the results indicate that the home renovation is continuing to improve after several years of declines due to the recession. The RMI rose two points in the third quarter to 57, which was the highest rating since 2004.
"The growth in home equity and home sales prompted home owners to remodel as they prepare to move or undertake upgrades that they put off during tough times," Bill Shaw, NAHB Remodelers Chairman and a remodeler from Houston, said in a press release. "NAHB Remodelers looks forward to continuing our tradition of professional service and craftsmanship as the housing recovery makes progress."
The RMI is conducted on a quarterly basis and surveys 2,000 home builders across the country on their perception of the home renovation market. A score higher than 50 means that more builders felt the market was improving than getting worse. The Index takes into account both current conditions, as well as expected conditions for the future.
Many homeowners put off improvement projects after the stock market crash of 2008 and subsequent economic downturn. The NAHB believes the steady improvement in index numbers is partly the result of many residents deciding to embark on those previously delayed renovations.
If you've been holding off on calling a Arlington, Virginia plumbing contractor or remodeler due to less than ideal economic conditions, you may want to consider revisiting that project now that the situation has improved. We recommend calling John C. Flood today to discuss your idea and what options are available that can make your house a better place to live for you and your family.