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Remodelers Expect Good Things in 2014

February 24, 2014
From Loan Officer Eddie Kirby

From Loan Officer Eddie Kirby

As the housing market continues its upswing, another group is expecting good things in 2014 – remodelers. In it’s annual online market forecast survey, Qualified Remodeler reported that 78% of contractors rate the remodeling market outlook as good or excellent, an increase from 61% just a year ago.  It’s not just their opinion. Harvard University measures remodeling activity, and it predicts double-digit growth through the middle of 2014.

Why is there such a healthy dose of enthusiasm now?  There may be a few reasons:

  1. Home prices are on the rise, making homeowners more comfortable reinvesting in their homes once again.
  2. Greater buying activity means more new homeowners who want to put their mark on a home through updates or changes.
  3. Baby boomers who once might have completed their own projects in the home are now getting older and more likely to hire someone else to do the work.

So what trends can you expect to see in 2014 when it comes to remodeling? How can you use that information to help your buyers update their homes to make them more marketable?

According to Realtor.com, kitchens remain the top dog when it comes to remodeling, but in 2014, the trend moves away from the warm, rustic look to something that’s more modern and streamlined.  Bathrooms come in second and they are being remodeled with modern amenities, moving towards spa bathrooms you might find in upscale hotels. Another trend to note is a shift back to brass fixtures. But these brass fixtures aren’t the bright, shiny versions from years past. On display now are hammered, matte brass looks for both kitchens and baths.

Knowing some of the design trends for 2014 can help you direct your clients towards ways to update their property, too. Painting dark kitchen cabinets to a glossy white isn’t expensive and can change the entire look of a kitchen. Switching out hardware is also quick, easy as well.

For more marketing updates and housing trends and how you can leverage them to grow your business, contact your loan officer.

Sources:

*Joint Center for Housing Studies’ Remodeling Futures Program at Harvard University

http://www.remodeling.hw.net/article/remodelers-expect-an-even-better-2014-new-forecast-suggests-why

http://www.forresidentialpros.com/article/11281643/despite-predictions-of-a-mid-year-slowdown-the-remodeling-market-is-well-positioned-for-steady-double-digit-growth-in-2014

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