Industry Report Reveals Home Remodeling Projects Shrink as Homeowners Worry; But News Is Not All Bad
The Fall Quarter Homeowner Remodeling Sentiment Report has just been released! Homeowners are worried in this weak economy. Some are still remodeling, but the size of the projects are smaller. Here is the complete summary.
- San Francisco, CA (1888PressRelease) October 16, 2010 - A recent report released by Remodelormove.com revealed that homeowners continue to scale back on remodeling projects in response to concern over the economy. "We release these industry reports every six months based on a survey of 5,000 homeowners who are considering changing their home - either remodeling or moving," says Dan Fritschen, founder of Remodelormove.com.
The fall 2010 U.S. Remodeling Sentiment Report shows that after a year of steady remodeling declines in 2009, the interest in remodeling stabilized in 2010. However, the size and scope of the remodeling projects are much smaller when compared to 2007/2008.
For instance, small bathroom additions are the most popular.
"They are also often the smartest remodeling project," explains Fritschen. "Small bathroom additions make good economic sense because they can increase the home's value."
However, survey respondents did indicate that while they are still planning to add a bathroom, the average size has decreased from more than 70 square feet in 2008 to just 60 square feet in 2010.
Beyond the bathroom, additional signs point to changes in the home improvement industry. They include:
- The average number of rooms that homeowners plan to remodel fell from 3.7 in 2007 to 2.7 in 2010.
- Home equity increases in 2006 and 2007 encouraged spending, but now as equity shrinks, homeowners are scaling down their projects.
- In the 2008 report, homeowners stated that their homes were worth an average of $390,000 with equity of $155,000. Today, the average value of survey respondents home's value is just $289,000 with equity at $110,000.
So, what appears to be the biggest concern? According to the report, 85 percent of respondents said the cost to remodel. However, the news is not all bad. While the scale and number of remodels is down, the interest from homeowners who are in a position to remodel is strong and their taste for higher-end designs and expensive materials remains.
More than 12 percent of respondents reported that they plan to use expensive materials in their remodel; almost 50 percent reported that they are excited to start their remodeling project; and 84 percent plan to start in the next 12 months.
Summary Results from the Report 2008 Fall 2010
Homeowners who report they:
* Plan to hire a general contractor: 66% 66%
* Plan to do some of the remodeling work: 67% 64%
* Plan to remodel a bathroom: 49% 44%
* Plan to remodel the kitchen: 55% 50%
* Plan to add a bathroom 49% 52%.
A detailed report is available at: remodelormove.com/shopping/view_product.cfm?pID=42.
Additional information can be found at: remodelormove.com/survey_reports.cfm.
To learn more about home value appreciation estimates, visit: www.remodelestimates.com.
About Remodelormove.com
Remodelormove.com is the online resource for homeowners making the decision whether it is best for them to remodel their current home or move to a new home. With its partner site, remodelestimates.com, the site provides information, unique and uniquely accurate calculators that compare costs, forums, seminars, and advice for homeowners. Another partner site, saveonyourremodel.com, helps homeowners who decide to remodel find the right ways to save money without compromising the quality of their remodeling project.
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