The average home remodeling costs are down five to ten percent across the nation with some areas averaging a twenty percent decrease. This is good news for all you investors out there and anyone looking to do a remodel. Stats come from the most recent data available; a 12 month span from March 2008 to March 2009 where $118 billion was spent on projects and compared to the peak remodeling activity in 2007 where $146 billion was spent nationwide. This information was from a report done by the Harvard Joint Center for Housing Studies. The reasoning behind the decline is due to struggling builders getting into remodeling therefore increasing price competition, and fewer home sales. Homeowners usually remodel within the first couple years of purchasing and with a decrease in sales comes a decrease in demand and remodeling prices.
