We’ve been in a very long rut regarding home sales, as home values plummeted with the recession and the mortgage crisis. In some parts of the country home values and sales are increasing, while other areas like Las Vegas remain stagnant.
There is a boom, however, in home improvement spending as sales from stores like Home Depot, hardware stores and furniture stores are going through the roof. This probably reflects the fact that many families have given up on the idea of trading up for a bigger house, as that’s much more difficult in this part of the cycle. Also, with mortgage rates so ridiculously low, more people are refinancing, and often that also frees up cash for home improvement purchases.
So if you’re looking to finally upgrade that kitchen or redecorate some rooms, now might be a great time. You can do big things like putting in new cabinets or new counters, or you can make more modest changes by picking out a new piece of furniture or hanging art on the walls with new picture frames.
Everyone loves a refreshed home, so think about what works best for you!