The National Association of Homebuilders keeps track of the Remodeling Market Index (RMI), which tracks professional remodeler's perception of the current and future markets.
Last quarter, the RMI for the current period dropped to a record low 33.5, with anything less than 50 meaning the outlook is worse than the previous period. For projects costing over $25,000, the RMI is even lower- 23. For more details on the RMI's history, inspect the chart in this post or check out NAHB's site.
So what does this mean for us thrifty homeowners? I don't think it should stop us from doing the sensible projects we want to do, and it may even lead to better prices from contractors. Let's use it to our advantage to gain an upperhand when negotiating.
Last quarter, the RMI for the current period dropped to a record low 33.5, with anything less than 50 meaning the outlook is worse than the previous period. For projects costing over $25,000, the RMI is even lower- 23. For more details on the RMI's history, inspect the chart in this post or check out NAHB's site.
So what does this mean for us thrifty homeowners? I don't think it should stop us from doing the sensible projects we want to do, and it may even lead to better prices from contractors. Let's use it to our advantage to gain an upperhand when negotiating.
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