Home values were at an all-decade high across the nation in 2016, closing out the year up 6.8% over 2015.
There is a significant challenge buyers and builders are facing in 2017 due to the limited housing stock available. According to the National Association of Realtors, eight in ten areas in the country lack enough single-family housing for the increasing demand.
This translates to a larger need for new construction across the state, specifically targeted at first time home buyers. Also, for builders, many current home owners will be choosing renovation over repurchasing. According to Houzz’s forecast for the year, 10-12% of homeowners will look into redesigning some portion of their home in the coming year.
Ultimately, we’ve got the supplies you need, but owners should make sure they have enough labor to cover the jobs to come later in the spring and summer.