Slow Housing Market Gives Homeowners the Upper Hand

From on October 14, 2008 in General Remodel

The housing market is slumping or, better yet, has slumped. While mortgages, loans, and home sales are hard to come by, there is one benefit for homeowners looking to remodel; they now have the upper hand. Even though the remodeling industry is still considerably stronger than new construction, it is slumping itself. Whereas just a few years ago contractors were turning down work, now they are looking for work. In a sort of reversal of fortunes, homeowners are now taking more time to interview contractors and find quality service for the work they want done. According to Foster’s Daily Democrat, contractors are “bending over backward” to find consistent work. This is certainly a sign of the times for the remodeling industry, but it means homeowners can expect a more personal, in-depth relationship with contractors. Take this possibility as an example; during the recent housing boom, the owner of a company might be off the job most of the time, funneling through the myriad of projects on their desks and answering incessant phone calls. Now you can expect a more hands-on approach. Not that these weren’t responsible contractors, it was just a busy time. But times change. What we see now are contractors seeking out homeowners rather than the other way around. Of course it is scaling back by struggling homeowners that is causing the current slowdown, even for remodeling, so nobody is in the clear here. Nonetheless, if you’ve got the money for your remodel, all you need do is put the word out there and contractors will come to you. Given trends over the last decade, it is a rare opportunity. Yet I don’t mean to paint such a bleak picture for remodeling. In essence, the industry is leveling off, coming down from record highs but still expected to remain strong for years to come. For now, though, homeowners can enjoy this buyer’s market, so to speak.