Although market conditions have declined this year, one recent survey finds that most existing home owners retain consumer confidence. According to Realty Times (www.realtytimes.com) the online broker Share Builder determined that 67% of responding home owners were “’just as confident’ in their ability to make mortgage payments.”
Home owners are making their home a priority, choosing to decrease spending on travel (19%) and dining out (19%) rather than on their house. 28% of home owners surveyed plan to increase spending on home improvements. In fact, the market for such home improvements continues to grow, though the growth is not as strong as in past years, according to an American Institute of Architects survey.
The market conditions, according to AIA Chief Economist Kermit Baker, have been showing declines generally. However, he also confirms that the custom and luxury markets have stabilized somewhat, and remodeling spending remains strong compared to the building market.
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