If you have some money lying around and are looking to do a remodeling job soon, this is the time to step up to the plate. With the slowdown of new construction and people pinching the pennies, remodelers are having a hard time finding work.
Remember that guy who would not return your calls about fixing up a bathroom? Put a bug in your ear and it is now his turn to call every day to see if you are interested.
Now you can call 4 guys and get 4 good bids for the work. Times do change, don’t they.
The remodeling market is tightening due to more home builders taking on remodeling work, creating a more competitive marketplace and flattening out calls for bids and appointments for proposals.
Regionally, current market expectations fell in the third quarter, with the South dropping to 31.5 (from 40.1 in the second quarter), the Midwest to 36.2 (from 52.9), and the West to 36.1 (from 42.4). The Northeast increased slightly to 32.9 (from 32.8). The Midwest, however, increased to 52.9 (from 44.1). All measures for future expectation (calls for bids, amount of work committed for next three months, backlog of remodeling jobs, and appointments for proposals) declined.
The special questions section of the survey asked remodelers about energy efficiency products, finding increased customer calls for work to improve home energy efficiency since the question was asked in the third quarter of 2006 (up to 26 percent increase in calls from 24 percent). While low-energy windows remain the top customer request, 50 percent of remodelers report installing water-saving faucets and fixtures (up from 36 percent) and 38 percent installed on-demand water heaters (up from 29 percent). via NAHB Press Release
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This also sounds like a good time for rehabbers as well. All they have to do is buy the property right and the market will bear fruit in good investments.
Thanks
I was a bit confused by your numbers. It looks as if the Midwest was both up and down.
"the Midwest to 36.2 (from 52.9)" and then "The Midwest, however, increased to 52.9 (from 44.1). " Was this for two different indexes or maybe a different region?
With the economy in its current state people are trying to save money wherever possible. With the Faucets and Toilets, its hard to buy one that isn't "efficient" so no surprise in those numbers, but its nice to see that tankless water heater installations were also on the rise. The next one I buy will be tankless. There are also insta-hot water heaters that fit under the sink in your kitchen or bath that reduce water use even further by not having to run the water waiting for it to get warm.
We are seeing the same here in the Santa Barbara and Montecito Ca areas. For much of the last 8 years, contractors have had a huge upperhand and basically too much work thrown at them. This led to expensive bids and a lack of respect and customer service from a lot of them in my eyes. Now though, things are different as you state. I am sure it will only get better for the customer in the coming 1-2 years.
http://www.SantaBarbaraRealEstateVoice.com
Here's a useful article on Decorating on a Budget As Easy As ABC
I guess most industries are feeling the pain. As soon as real estate values begin to rise again there may be no change. Unless this Cash for Caulkers goes into effect. Which seems to sound too good to be true. Once again we must weather the storm until things get better.
I saw in your article that energy efficient windows were the most requested by homeowners. I believe it, but according to the following article, the value of a home after the window replacement is not rising like it used to.
Recouping window replacement costs in this economy
The idea is that the recouping rate of window replacement is at a historical low right now. The only way for it to make sense is to by the house right now and wait a couple years before flipping it.