Owners to Focus on Home Improvement

Home owners are expected to increase their home improvement spending expenditures in the next year, says a new study, and recent increases in home equity are partially behind that anticipated surge. Also, a rise in recent home sales activity is a good indicator for the home improvement market, since recent home buyers usually spend about a third more on home improvements than non-movers, even when controlling for age or income differences, according to Harvard University’s Joint Center for Housing Studies’ Leading Indicator of Remodeling Activity.

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The LIRA projects annual spending growth from home improvements to increase 4 percent by the first quarter of 2016.

JCHS has predicted a surge in remodeling on the horizon in the coming years, driven by a rising number of older adults who will want to outfit their homes with more age-in-place home features as well as projects spurred by an aging housing stock.

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