What an exciting time – we’re just at the start of a hopeful upward curve in the building market. According to the National Association of Homebuilders/Wells Fargo Housing Market Index, the building market is showing a slight rebound. Yes, you read it right – rebound. Builder confidence in the U.S. market for newly built, single-family homes was up five points in May. It reached 29 on the Index, which is the best reading since May of 2007. This is great news, not only for builders and custom remodelers, but also for potential homeowners.
If you’re interested in building or remodeling, now is the time to act. Why? Supply and demand. Since builders haven’t been as busy, it is easier to get on their schedules and easier to get supplies. As the market starts to spike, it will influence pricing and scheduling. This goes for remodelers, too. If you want to get in on the cusp and save time and money, make your move now. With the low interest rates, improving employment and rising builder confidence, it’s an ideal time to look at that new home addition, especially in the southern region of Manassas, Alexandria, Arlington and Fairfax. The HMI showed the Northeast gaining six points to 32 in May and the South gaining five points to 28 in improving builder sentiment. Let that sentiment work for you and get yourself a room addition, kitchen remodel or master bath remodel. When the market’s hot, you’ll be glad you did.