According to NAHB's remodeler members, traditional reasons to remodel like repairing and replacing old systems and adding new amenities out weighed trendier reasons like energy efficiency and aging in place. One of the recent trends that is now declining is to prepare a property for a short sale.
Read the complete report at Eye on Housing by clicking here.
The Home Builders Association of Greenville are your neighbors and community leaders providing education and support for building industry professionals. We create jobs, encourage homeownership, and promote responsible growth throughout the upstate of South Carolina.
Saturday, July 7, 2012
NAHB Profiles Typical Remodeler
Have you wondered if your remodeling business is similar to others in the profession? Did you know that NAHB conducts an annual census of Remodelers each year?
Click here to see the census data of single-family Home Builders at Eye on Housing.
Check out these selected details:
Click here to see the census data of single-family Home Builders at Eye on Housing.
Check out these selected details:
- There were 11,986 Remodelers in 2011, down 7 percent from 2008.
- The average revenue for a Remodeler was $586,234 in 2011
- The median age of the Remodeler in 2011 was 54
- 94 percent of Remodelers were male
In another report, NAHB found that the largest share of business for Remodelers comes from projects valued at more than $100,000.
NAHB's profile of a typical single-family Home Builder
Have you wondered if your home building business is similar to others in the profession? Did you know that NAHB conducts an annual census of Home Builders each year?
Click here to see the census data of single-family Home Builders at Eye on Housing.
Check out these selected details:
Click here to see the census data of single-family Home Builders at Eye on Housing.
Check out these selected details:
- There were 24,159 single-family Home Builders in 2011, down 46.5 percent from 2008.
- The average revenue for a single-family Home Builder was $1.6 million in 2011
- The median age of the Home Builder in 2011 was 53
- 94 percent of Home Builders were male
NAHB: Pent Up Housing Demand Can Be Measured by Increase in "Shared Households"
According to a report by NAHB, the number of "shared households" grew between 2007 and 2010.
In the spring of 2007, 27.7% of adults lived in shared households. By the spring of 2010, that percentage had risen to 30.1%.
Perhaps surprising, the increase in shared households was not concentrated among the youngest of adults. The number of people aged 18 to 24 who were classified as an “additional adult” rose 5.9% over the 2007 through 2010 period. For those aged 25 to 34, the increase was even higher – 18.1%, or 45% of the total increase in shared households. For those aged 35 to 65, there was a still significant 9.7% increase in additional adults.
Those moving in with relatives accounted for 68% of the increase, making moving in with family members the most common occurrence. And adult children moving back in with their parents accounted for 46% of the increase, making that the most common specific event.
In the spring of 2007, 27.7% of adults lived in shared households. By the spring of 2010, that percentage had risen to 30.1%.
Perhaps surprising, the increase in shared households was not concentrated among the youngest of adults. The number of people aged 18 to 24 who were classified as an “additional adult” rose 5.9% over the 2007 through 2010 period. For those aged 25 to 34, the increase was even higher – 18.1%, or 45% of the total increase in shared households. For those aged 35 to 65, there was a still significant 9.7% increase in additional adults.
Those moving in with relatives accounted for 68% of the increase, making moving in with family members the most common occurrence. And adult children moving back in with their parents accounted for 46% of the increase, making that the most common specific event.
NAHB: Property Taxes Remain Constant While Housing Values Decline
Despite claims from local governments to the contrary, an NAHB study has found that even while housing prices have fallen, and continue to fall in some areas, property tax revenue to governments has remained constant. As a result, property taxes have become an increasing burden on homeowners who have hung onto their homes over the last several years.
Read the entire report at Eye on Housing by clicking here.
Read the entire report at Eye on Housing by clicking here.
Tuesday, July 3, 2012
Congress votes to extend for five years the National Flood Insurance Program
On June 29, 2012, both the U.S. Senate and House gave approval to extending authority for the National Flood Insurance Program through 2017. The authorization was part of the larger Federal transportation bill that was approved shortly before Congress recessed for Independence Day week. The bill now awaits President Obama's signature.
NAHB, along with the National Association of Realtors and other groups worked hard for a long-term extension of the flood insurance program. Since 2008 Congress has been extending the National Flood Insurance Program a few months at a time and twice let the program's authority lapse, stalling thousands of real estate transactions in the process and potentially interrupting to the most vital part of our nation's economy: real estate.
Passage of the 5-year reauthorization will bring certainty to real estate transactions in more than 21,000 communities nationwide where flood insurance is required for a mortgage. The bill ensures the program will continue long-term for more than 5.6 million business, and homeowners, who rely on it. Extension of the program also insures that taxpayers will spend less on federal assistance for flood disasters over the long run.
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