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Home Improvement Sector Sees Hope Ahead

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home improvement sector

Following a three year slump in the home improvement sector (including primary homes as well as investment property), residential contractors are hoping that 2012 will see a revival in the market. With the economy continuing to make a lethargic recovery at best, the hope is that homeowners will choose to focus on home improvement activities to their current properties as opposed to moving into new homes.

There is interest from clients for sure. With improvements in the job market and hints of positive trends across the economy, clients are more willing to spend money on home improvement projects today than they have been in the past two years. The challenge for this industry is to convert inquiries into jobs, as current property prices are acting as a deterrent for people to spend good money on falling equity.

However, real estate market players see hope ahead. As sales of foreclusureREO and pre-owned homes rise, contractors are looking forward to increasing business as banks and new home owners’ spend money to fix up these old properties. While they acknowledge that the housing market is nowhere near to demanding the luxurious and extravagant home improvement and remodeling that was in vogue in 2007, they still expect to see a 9% increase in business by end of 2012.

Click for more trends and information about the home improvement sector.

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