Recent statistics indicate that the economy is still casting hard times on segments of the real estate market.
The latest National Association of Home Builders' (NAHB) Remodeling Market Index (RMI) indicates that in the second quarter of 2010, declines were seen in many key markets.
NAHB Remodelers Chairman Donna Shirey, said, "Remodelers are suffering from weak consumer confidence and constricted credit lines. Homeowners are delaying remodeling projects because of economic uncertainty."
The regions that fared the worst were the Northeast and the South.
But some homeowners are still remodeling. The most common projects remodelers report working on are: bathroom remodeling, at 61 percent of projects, and kitchen remodeling, at 52 percent. This is a drop from the past, when kitchen remodels cornered 70 percent of the market.
As this market segment undergoes changes during these ailing economic times, servicers have changed with the needs. The NAHB survey reports, "none of the professional remodelers responding to the survey reported that it was common for their companies to perform handyman services in 2004, while 33 percent of remodelers were regularly providing handyman work in the first half of 2010."
This could be due to the fact that many would be buyers are deciding to stay put until the market recovers in their area. Repairs take importance over luxuries in hard economic times.
"While remodelers are continuing to struggle, we expect the rest of 2010 to be a period of stabilization for remodeling, with the first stages of recovery emerging by the end of the year, followed by a more robust recovery beginning early next year," said NAHB Chief Economist David Crowe. "For now, professional remodelers are taking on smaller projects and working to find consumers willing to spend money despite the economic uncertainty."
If you are in the market to remodel, find out more information by visiting the NAHB remodeling page.