Market News

Home Remodeling Costs Decrease

If you have been thinking about undertaking a home improvement project or improving an investment property, but just haven’t taken the leap…this may be the right time to do so…. As reported in the Wall Street Journal on 10/28/09, “remodeling costs are down an average of 5 percent to 10 percent nationwide with some areas down 20 percent, according to the remodeling industry.”

“In the 12 months that ended in March 2009, the most recent data available, $118.2 billion was spent on home-improvement projects, down from $146 billion in the 12 months ending in March 2007 – the national peak of remodeling activity – according to a report from the Harvard Joint Center for Housing Studies.”

“One of the reasons for the price decline is competition. Most home buyers spend the most on remodeling within the first two years after purchasing a home. Not only are there fewer home sales, but also strapped home builders are seeking remodeling work, confirms David Crowe, chief economist for the National Association of Home Builders.”

Local Builders in the Livingston Montana area can be found by contacting the following organizations:

The National Association of Home Builders

The Livingston Chamber of Commerce:

The Upper Yellowstone Builders Association

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