Estimated reading time: 2 minutes, 11 seconds
The new article in Remodeling Magazine Cost vs. Value addition has arrived. It reminds me of when the new phone book arrived and I would get all excited to see my Yellow Pages add.
This is the 10th year of the publication and it is packed with good news. It seems the industry is rebounding in a several ways. Here is the bullet point highlights for the mountain region.
- Good News for home owners. The value of everything across the board has gone up.
- The especially good news, the cost for every project has gone down slightly.
I believe that one of the leading indicators of a rebounding remodeling market is that the inventory of homes is decreasing and home prices have stopped falling in the Boise area. “This is what we like to see” said Donna Jacobsen a trusted relator and home appraiser who has over 30 years in the area, “I’ve been scrambling to find remaining good deals for my real estate investors.”
From a lenders perspective, I keep seeing signs that banks have money to lend. Alison Gillespie of Idaho First Bank says, “Rising home prices are a welcome sign and a huge relief for those looking for the lost equity in their homes to return.”
What does all this mean?
What this means to me is that it is a good time to invest in your home. When the value of a project goes up and the cost decreases it is an especially good time to make changes that will increase the enjoyment of your home.
Despite this good news, which is essentially a retrospective look at the last year, there is also some warning signs of volatility in the building material world. OSB, (a type of plywood) at its third highest price ever. “There are games being played in the 2 x 4 market,” according to Chris Perrin of Capital Lumber.
As we have learned from those accustomed to the undulation of the housing and remodeling world there are cycles that usually span 4- 6 years, from the indicators I watch, we are reversing the last 6 year slide and entering the beginning of an up-tic.
If you are ready to update your home or have some frustrating situation you need help untangling, contact Levco today at 947-7261 to get the process rolling.