Will Suffolk County NY Home Remodeling Surge in 2013?
Suffolk County NY home remodeling appears poised to surge in 2013 according to analysts in the building industry.
The National Association of Home Builders announced recently that its "Remodeling Market Index" had climbed five points in the third quarter of 2012, from 45 to 50, a sign that remodelers are reporting they are seeing more business.
Harvard's Joint Center for Housing Studies is projecting that home improvement spending could see double-digit growth in the first half of 2013. Harvard calculates the Lending Indicator or Remodeling Activity (LIRA) by looking at a number of predictive forward-looking indicators, including housing starts, pending home sales, residential remodeling employment figures, and Census and Institute of Supply Management numbers about how many household products and materials are ordered by suppliers and shipped by manufacturers.
The LIRA is projecting an acceleration in market activity beginning this quarter, and strengthening as we move into the new year.
One hurdle to a possible rebound in Suffolk County NY home remodeling is the 22.3% of homeowners with a mortgage who are underwater, or owe more on their mortgages than the value of their homes. Many owners looking to spruce up a fixer-upper use home equity loans—impossible to get when you have negative equity in your home—to finance construction.
We're curious to know…
Do you have any plans to take on a Suffolk County NY home remodeling project next year, especially in light of Hurricane Sandy? Tell us about it. What do you have planned, and how do you plan to finance your project?