Home renovation activity may have slowed down from its pandemic-era peak, but homeowners continue to invest in their spaces, especially as the spring housing market heats up. According to CNBC, and when it comes to the return on investment, some projects now offer the highest return values in history — with a few home upgrades averaging returns of nearly 200% for the first time ever — according to the 2024 Cost vs. Value report from Zonda Media, a housing market research and analytics firm. Garage door replacements offered the highest…
Read MoreDay: May 22, 2024
Home Renovations Continue at a Steady Pace, Reflecting High-Quality Investments in Homes
In recent years, homeowners have been investing more in renovations, as high interest rates and persistent inflation have driven up the costs of everything from flooring to refrigerators. The home improvement surge intensified early in the pandemic, with Americans enhancing their homes to better accommodate remote work and learning. However, this renovation frenzy now seems to be cooling down. According to the Associated Press, Harvard University’s Joint Center for Housing Studies’ latest leading indicator of remodeling activity, or LIRA, suggests homeowner spending on renovations and repairs will fall to $449…
Read MoreNew Report on Building Material Costs Released
Harming housing affordability, the cost of softwood lumber, steel, aluminum and other imported materials and equipment are rising, exacerbating proce volatility and driving up housing costs. Uncertainties within the production process and when supplies will be available to complete homes in a timely manner are making this rise in costs worse. Whether or not the homes will appraise at the correct price to reflect these rising costs is another key concern. According to the National Association of Home Builders (NAHB), Supply and Demand: As demand for building materials increases, particularly…
Read MoreMidtown Home Remodel Honors the Past While Embracing the Present
Entering this remodeled home on Rockford Road feels like embarking on a journey through time, where the past’s memories blend seamlessly with the modern tastes and needs of its current owners. The Rockford house was once the childhood home of one of its present owners. Even after he grew up and moved out, his parents continued to live there for a total of 50 years. According to Tulsa People, for the homeowners, Barnes was the obvious choice for an interior designer. She previously worked with the family on their old…
Read MoreAmid High Interest Rates and Inflation, American Homeowners Would Rather Renovate Than Buy a New Home
Discover Home Loans conducted a survey to determine what client intentions are for their homes, and whether they are choosing to renovate their current property or buy a new house to best fit their needs and style preferences. It was found that high interest rates are having a high impact on homeowners in the United States with 84% of those planning to buy a new home pushed out of the market due to such. In addition, it was also found that of those impacted, 46% are no longer looking for…
Read MoreKitchens, Bathrooms and More Released as Top Remodel Projects in New Industry Report
Many homeowners plan to invest in their home, despite home renovation statistics and spending trends signaling a pending decline post-pandemic. And according to reports from the Joint Center for Housing Studies of Harvard University (JCHS) Leading Indicator of Remodeling Activity (LIRA), the home renovation industry has quickly surpassed the $400 billion threshold within the last two years. “There is also a social component, where homeowners may be influenced by their neighbors or friends who are renovating their properties,” said Ermanno Affuso, professor of economics and finance at the University of…
Read MoreHomeowners Eager To Invest Keep Remodeling Demand ‘Solid’
Though fewer homeowners have been taking on remodeling projects, don’t mistake it as a slowdown, according to a the Leading Indicator of Remodeling Activity (LIRA) report by Harvard University’s Joint Center for Housing Studies This activity indicator is an outlook measuring home improvement and repair spending on owner-occupied homes. Peaking at 17.3% in the third quarter of 2022, LIRA has been declining since, and slid 1.2% in the first quarter of 2024 compared to the prior quarter. Additionally, the National Association of Home Builders’ (NAHB) NAHB/Westlake Royal Remodeling Market Index reflected…
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