Many homeowners are anxiously monitoring fluctuations in the housing market, wondering how they will affect home values. At the same, the same homeowners have a list of improvements placed on hold during the shaky market situation. Although there are a few uncertainties at the moment, the situation should be kept in the right perspective.
According to Kitchen & Bath Design News, existing homes sales have dropped by 23.4%. Whereas, the remodeling market has shown a much lower rate of decline and is expected to make a recovery by the end of 2008. According to the American Institute of Architects, the remodeling market is holding strong.
Consistent activity is spurring the recovery of the remodeling market, with certain areas showing stronger growth than others. Although all areas have taken a hit, kitchen and bath remodels are still holding their ground. Current surveys also show that minor to moderate improvements are reaping more of a return than more major renovations.
Putting all other opinions aside, it really comes down to making choices that will positively impact your life. As with any investment, you have to expect temporary fluctuations in value. Perhaps this isn’t the best time for a “quick flip,” but there is no reason to believe your home won’t continue to increase in value over an extended period of time. A well-maintained, updated home will always be worth more than one that is past its prime.
Many advantageous improvements really don’t have to cost that much, but can help tremendously. Pull out your list, and begin chipping away at those renovations.