As a result of this year’s exceptionally mild winter, home remodeling has drastically increased early this spring. According to the National Association of Home Builders’ latest Remodeling Market Index, renovations have spiked five points since the end of last year—that’s the highest index reading since 2015!
In fact, all three of the index’s components have continued increasing this spring home buying season. Large-scale additions and alterations jumped four points, smaller renovation projects rose seven points, and home maintenance and repairs spiked six points. In addition to the current market reading, the index measuring future conditions jumped to 58, which matches last year’s highest index level.
“At 58, the Remodeling Market Index is seeing broad-based improvements with all major components well over 50,” reported Robert Dietz, Chief Economist of NAHB. “Remodelers are seeing stronger market conditions with customers more willing to spend money on both small and large projects,” added NAHB Chairman Dan Bawden.
With home renovations hitting a peak this year, it’s important to know your home financing options to cover these remodeling expenses. Check out the Introduction to Renovation Loans to learn how you can pay for home remodeling today.