It is the home improvement industry that deserves everyone’s attention this year when job growth is at a historic high, wages are rising across the board, and consumer confidence is holding steady amid economic storm clouds. There’s the money, and MN Remodeling Solutions, a local Plymouth remodeling company, can get you some of it by raising the equity of your home. Spending money on home remodeling projects this year may not be a terrible idea for homeowners and here’s why.
2023 is a Great Time to Remodel Your Home
As of late, it has been widely reported that the market for both existing homes and new construction has collapsed due to rising loan rates. Neither is ideal for businesses that supply or produce products for the home furnishings industry. While earlier home market slumps were mostly the result of economic factors, the current one is unique.
Independent housing advisors and huge home improvement companies say buyers would keep spending on house improvements even if they can’t afford a new one. It seems natural that those who want to stay in their houses until interest rates drop will update and remodel. If they have employment and make more money than last year, as many Americans do, this is especially true.
The state of homeownership generally is another thing to consider. Recent research indicates that 40% of houses in the country are now owned without a mortgage. Additionally, most of those who do have mortgages locked in at lower rates prior to the Fed’s raising the rates. A new approach for 2023 targets homeowners who wish to improve their houses or rental properties.
Your Home Deserves our Plymouth Remodeling Team!
Our skilled remodeling team in Plymouth, MN always gets the job done well and makes sure to have a clean and tidy workspace. You can rest easy knowing you hired one of the most reliable remodeling contractors in town. The improvement our remodelers bring to your property will astound you. Get in touch with us and we’ll ensure that your upcoming home renovation is a smashing success. Call 763.428.4888 right now to schedule a free home estimate.