While the housing market remains sluggish the remodeling market is experiencing a rebound. A recent report by the Joint Center for Housing Studies at Harvard University predicted that remodeling would rebound strongly this year after a three-year downturn. The center estimated growth over 9 percent for the first quarter and over 12 percent for the second quarter with annual growth in remodeling expected to be around 8 percent.
Scott Berman President of Florida Window and Door said that “window and door replacement especially among homeowners who recently purchased their homes is growing exponentially. We are most definitely benefitting from the rehabilitation of foreclosed properties. As we see the addition of these consumers added to those homeowners who are underwater in their home and have focused on improving their home as they decide to stay there for the longer term”
According to Kermit Baker, director of the remodeling futures program at the Joint Center for Housing Studies at Harvard “remodeling nationwide was likely to remain strong as homeowners who put off maintenance and improvement projects began to spend more freely again.”
Historically, the Northeast and Midwest have driven the renovation market as a result of older homes and higher personal income levels. But the South and West where the housing boom was centered now have more homes that need improvements.