My Real Estate Blog

The latest National Association of Home Builders' Remodeling Market Index indicates that in the second quarter of 2010, declines were seen in many key markets. Homeowners are delaying remodeling projects because of economic uncertainty. The regions that fared the worst were the Northeast and the South.

Some homeowners are still remodeling. The most common projects remodelers report working on are: bathroom remodeling, at 61% of projects, and kitchen remodeling, at 52%. This is a drop from the past, when kitchen remodels cornered 70% 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% of remodelers were regularly providing handyman work in the first half of 2010."

"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," says the NAHB. "For now, professional remodelers are taking on smaller projects and working to find consumers willing to spend money despite the economic uncertainty."