Homeowners Trend to Remodeling

Many Americans, including homeowners in New Jersey, are choosing to remodel their current homes rather than purchase a new house or apartment. BuildFax, a leading provider of building permit data recently released the latest findings of its monthly BuildFax Remodeling Index (BFRI), in addition to a comprehensive review of remodeling activity throughout last year. The findings indicate that in December 2010, residential remodeling activity rose 18% year-over-year and for the fourteenth straight month.

According to the BFRI 2010 Year in Review, in most of the country, remodeling in 2010 resembled what 2008 might have looked like had the housing market not collapsed. In the Northeast, however, 2010 was the worst year in the history of the BuildFax Remodeling Index.

“Throughout the country—even in the lagging Northeast—the last quarter of 2010 shows promise for increased remodeling activity in 2011,” said Joe Emison, vice president of research and development at BuildFax. “The winter is always the trough of the seasonal remodeling cycle, and December 2010 was better than or equal to December 2009 in every region of the country.”  Northeast continues to lag all other regions while still showing signs of recovery. The BuildFax Remodeling Index for the Northeast was down 4.1 points (5%) month-over-month but up 1.3 points (2%) year-over-year.

Contact me to discuss your remodeling plans.  With my background in construction and lifelong residency in Mercer County, I can help you decide if you should remodel or sell "as is."

Joe Giancarli, SA
Real Estate Advisor
Short Sale Specialist
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/
http://www.newjerseynewhomes.blogspot.com/
www.activerain.com/blogs/josephgiancarli

(resource:  RISMedia.com)

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