Not too long ago, the housing market was shrouded in uncertainty, with home prices tumbling sharply at precipitous rates. Fast forward eight years later, the industry now finds itself in the pink of health, with TheEconomist.com stating that home prices have appreciated by 17% over the last three years.
Investing in Home Improvement Projects
This bullish market is not just spurring people to spend more on new homes, it’s also encouraging them to plunk down money on the homes they already have. Chris Herbert, research director of the Joint Center for Housing Studies, says that the healthy market is “encouraging owners to invest in more discretionary home improvements, such as kitchen and bath remodeling and room additions, in addition to the necessary replacements of worn components.”