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Sales are down for private homebuilders, but remodelers and painting and flooring contractors seem to be doing reasonably well, according to data from financial analysis and software company Sageworks.
Private homebuilders saw sales drop 5.35% so far this year but sales for residential remodelers climbed 5.31% and increased 7.43% for finishing contractors.
Sageworks suggests this might be happening because homeowners unable to sell their homes are instead investing in home improvements. Are sellers sprucing up homes to make them more attractive to buyers? Hard to know. I’m a little skeptical. Home Depot, for one thing, is having a tough time. Help me out. Any painters or remodelers out there?
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.