Minneapolis, Minnesota (PRWEB) January 28, 2013
The Home Remodeling Market Index (RMI) published by the National Association of Home Builders (NAHB) reached 55 in the fourth quarter of 2012, increasing five points from the previous quarter, showing home builders strong muscle helping the economy as Minneapolis home builders prepare for an influx in home improvement projects in 2013.
This is the highest Remodeling Market Index reading since the Q1 in 2004. An RMI above 50 indicates that more home remodelers report market activity is higher over home remodelers that report it is lower. The overall RMI averages ratings of the current U.S. remodeling industry with indicators of future remodeling levels. The good news is sparking homeowner interest to implement home design trends for 2013 and increase spending on home remodeling.
Destiny Homesowner Butch Sprenger says,”Minneapolis home remodelers doing quality work are the home builders in high demand. Twin Cities homeowner wealth in high-dollar ZIP codes is being invested in the owners home value with luxury remodeling using quality materials, including new construction on highly sought after lots.”
Future housing market indicators increased from 49 in the previous quarter to well over 50, coming in at 56. Current housing market conditions also showed improvement, rising from 52 in the previous quarter to 54. Home remodelers indicated that activity was particularly strong in residential construction of owner-occupied properties, rating all categories of remodeling in owner-occupied homes 56 or better.
Destiny Homes find Minneapolis homeowner requests for remodeling projects include:
1) Stylish Luxury Kitchens – Kitchen remodels remain at the top of the cost versus value list for home remodel projects. A “middle ground” design between traditional and contemporary has become more popular.
2) Media and Theater Rooms – Home designs trends are centering around daily functions and use over the more formal feel media rooms of the past.
3) Themed Designs – After years of standard function design, themed decorating is more personal and fun. Homeowners increasingly are design decisions are based on personal lifestyles and less on media predictions and purely trend hype
4) Simpler Designs With A Lighter Style – As many baby boomers settle comfortably into smaller homes, living spaces call for scaled-back pieces and better illumination that makes rooms look larger.
5) Adding a New Deck – Expanding a home into the outdoors with custom outdoor living spaces.
6) Green Energy Homes That Are Well Insulated – Home renovations that incorporate efforts to conserve energy for a greener home continue to be popular. Improving the level of a Minnesota home's insulation and installing better functioning furnaces in new home construction make a healthy difference.
7) One-Of-A-Kind Custom Home Elements- Homes featuring unique home elements such as incorporating reclaimed specialty wood, an heirloom antique piece of furniture or hobby collections are setting home trends.
8) Landscaping – A backyard pavilion, four- season porches, and luxury patios set in new landscaping are frequently requested as homeowners prefer staying home more and enjoying family times.
9) Incorporating Elevators Into A Home's Design – At at heart of the housing trend away from one-story ranch houses and toward multistory, multigenerational houses, elevators are making a comeback in newly built homes.
10) Home Spas – Many Americans are following the European craze for luxury spas
Destiny Home projects that 2013 home remodeling projects will include additions and whole-house remodels. “People are buying and renovating houses in the Twin Cities desirable older neighborhoods as well”, says Sprenger, who finds the Twin Cities housing market increasing in strength and home affordability. “The Twin Cities are characterized by steady housing prices and building permits. Home remodelers are enjoying the more consistent workloads and backlogs of home remodeling projects from homeowners who were sitting the fence in previous years.”
According to statement released today in an article titled “Plenty of Bright Spots in Housing, But Threats Remain “, while there is plenty of housing trend buzz and almost no housing market indicators show weaknesses, “Still, the housing market is about 52 percent as strong as it was prior to the 2008 housing crash, according to one housing index by Trulia, which factored in data from the National Association of REALTORS
Rating: 3 out of 5