Remodeling on the Rise, Not Home Sales

Here is some great information about why it may be a good time to love the home you are with!

Excerpts:

NEW YORK, April 21 (Reuters) – U.S. home improvement spending is expected to rise 5 percent in the United States in 2010, but the surge might not foretell an increase in sales of new homes.

But an American Express Co (AXP.N) survey found that only 5 percent of homeowners are preparing their homes for sale and that 53 percent see a seller’s market at least two years away.

The majority – 53 percent – of the projects involve indoor remodeling, with cosmetic work (36 percent), re-doing a room (25 percent), and installing new flooring (14 percent) topping the list.

“It’s clear from this month’s survey findings that Americans’ most prized possessions are their homes and they are committed to continuing to enhance its appearance and value in spite of the softer real estate market,” said Pamela Codispoti, American Express senior vice president and general manager, Cardmember Services.

She added that homeowners are doing so responsibly by funding the projects “within their financial means.”

Sources:  ecreditdaily.com, reuters.com

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