Welcome Back, and Happy Friday !!
On Wednesday, we spoke about some cool ways to look at the median age of the inventory of homes available for sale ("Young Inventory Translates To Quick Markets"), and we had some pretty solid direct and also some offline feedback on the topic (Thanks!).
Another very interesting tidbit that crossed my path was that homeowners are starting to remodel their homes, which is an incredibly good sign. One of the most telling factors is from Home Depot, which, according to a story titled, "Home Depot profits rise on repair trends" by Liz Enochs, saw a 14.3% jump in 2Q net income. Enoch writes that the core purchases are, "indicative of a focus on repairs and renovation, a point Blake touched on in a comment to analysts". Additionally, Home Depot is also seeing an "increased demand for rental property repair supplies", writes Enoch, and this bolsters the idea that rental properties are being renovated and perhaps receiving some overdue maintenance.
There is also some higher-level info that bolsters the increase in remodeling, and that info comes from the BuildFax Remodeling Index. This index, according to Glenn Mandel of Red Fan Communications, indicated that "national remodeling activity reached a record level in June".
Come to think of it, for the past couple of years, even during the Spring and Summer, the usually super-crowded Home Stores (Home Depot, Lowes, etc) had been relatively "empty", but over the same span of time for this year, the crowds have certainly returned. This could be a good thing. What do you think?
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Have a Great Weekend, and Happy Rent-to-Owning !
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TAGS: #homeremodeling #repair #rentalproperty #homeowners #HomeDepot #Buildfax