The National Association of Home Builders’ Remodeling Market Index (RMI) had a reading of 54 in the first quarter of 2019. Although three points lower than the previous quarter’s reading, it’s important to note that the reading has always been above 50 since Q2 of 2013.
What does this mean? The RMI is an indicator of the growth in the remodeling market. A rating above 50 means that there has been more activity in the last six years compared to years prior. The growing interest in and demand for home remodeling can be attributed to several factors.
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Housing stock is aging. Existing homes are aging and since many homeowners wish to make updates, they look to remodelers to improve their look, functionality, comfort, efficiency and value.
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Many people choose to stay in their homes instead of buying a new one. As a result, homeowners opt to remodel and update their homes to meet their changing needs. Remodeling also offers the possibility of adding rooms and expanding the home.
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Aging in place is a growing trend. With aging in place gaining in popularity, homeowners often hire an interior remodeling company to complete the updates needed to make a home senior-friendly. Projects such as updating a standard bathroom with universal design and adding accessibility features are common.
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It can be a challenge to find skilled and experienced remodelers. The slight downward movement of the index could be attributed to the possibility that homeowners are finding it a challenge to hire highly skilled and experienced remodelers to work on their projects.
Let’s Talk About Your Remodeling Plans!
As one of the most trusted interior remodelers in the area, DreamMaker Bath & Kitchen of Ogden can give you valuable home remodeling tips to help you make the most of your planned investment. We invite you to call us today at (801) 436-8886 to schedule a consultation!
