Remodeling Stabilizes but Projects Are Smaller

Sunnyvale, CA, Oct. 15, 2010--A recent report released by Remodelormove.com revealed that homeowners continue to downsize remodeling projects in response to concern over the economy, according to a story in thedailytimes.com of Kentucky.

The fall 2010 U.S. Remodeling Sentiment Report shows that after a year of steady remodeling declines in 2009, the interest in remodeling stabilized in 2010. However, the size and scope of the remodeling projects are much smaller when compared to 2007/2008.

Small bathroom additions are the most popular projects.

The average bathroom addition has decreased from more than 70 square feet in 2008 to just 60 square feet in 2010.

The average number of rooms that homeowners plan to remodel fell from 3.7 in 2007 to 2.7 in 2010.

In the 2008 report, homeowners stated that their homes were worth an average of $390,000 with equity of $155,000. Today, the average value of survey respondents home's value is just $289,000 with equity at $110,000.

The report indicated that while the scale and number of remodels is down, the interest from homeowners who are in a position to remodel is strong and their taste for higher-end designs and expensive materials remains.