Oct 20

For Owners: Best Time to Remodel Is Now

For Owners: Best Time to Remodel Is Now

 

For Owners: Best Time to Remodel Is Now. Image courtesy of Stuart Miles / FreeDigitalPhotos.net

For Owners: Best Time to Remodel Is Now. Image courtesy of Stuart Miles / FreeDigitalPhotos.net

 

As home values continue to rise, more home owners may find now is the best time to add to that value even more. Spending on home remodeling is expected to climb from 2.4 percent in the second quarter to 6.8 percent by the second quarter of 2016, according to Harvard University’s Joint Center for Housing Studies.

“Home improvement spending continues to benefit from the last years’ upswing in housing market conditions including new construction, price gains and sales,” says Chris Herbert, managing director of the Joint Center. “Strengthening housing market conditions are encouraging owners to invest in more discretionary home improvements, such as kitchen and bath remodeling and room additions, in addition to the necessary replacements of worn components such as roofing and siding.”

Sellers are already diving into more remodeling projects and using some of the equity in their homes to fund the projects. Black Knight Financial Services reported an increase in cash-out refinancing this summer – a 68 percent jump in the second quarter year-over-year, and it’s now at the highest level in five years.

Also with interest rates still low – for now – some home owners may be rushing to do projects before interest rates go up, says Matt Proper of Freeman Builders in Washington, D.C.

With spending in the repair and remodeling industry expected to grow to $300.5 billion in 2016, much of that spending will be in small, discretionary projects, such as kitchens and bathrooms, according to John Burns Real Estate Consulting.

The consulting firm projects home price appreciation to be 4.2 percent next and estimates that each 1 percent of real appreciation will lead to 1 percent incremental higher average project size for big and small projects and a 1 percent increase in average small project spend per remodel.

Source: “New Kitchen? New Bathroom? Why the Time Is Now,” CNBC (Oct. 16, 2015)

admin

For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both.

Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary.

Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that “perfect” property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently.

When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting – or exceeding – his clients’ expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame.

For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania… call Anthony DiDonato.