The days of marble countertops are over. Nowadays, with many homeowners settling into their homes for the long haul, renovations are not nearly as comprehensive as they were in the boom market, the Wall Street Journal reported.
Although remodeling climbed 40 percent nationwide in October, on a year-over-year basis, homeowners are more likely to make an addition to their home in the “comfort” category rather than a “value” type of renovation, according to an analysis by data provider BuildFax, the Journal said.
“There are more people who are saying, ‘Yes, I am staying in this house,’ as opposed to, ‘I’m flipping this house,’” Joe Emison, vice president for research and development at BuildFax, said.
Harvard’s Joint Center for Housing Studies said that home remodeling activity will likely remain weak through the first half of 2012.
“Homeowners are nervous about putting serious money back in their home if they think it’s going to decrease in value,” said Kermit Baker, senior research fellow at the center. [WSJ]