As home prices rise, so does value, and that means many homeowners will increase the equity in their homes. Equity is a key in obtaining loans for home improvements.
MIAMI, Fla. (PRWEB) November 27, 2012
With prices of existing homes rising in many markets, and with forecasts of a continued rise over two to four years, Christopher Noe, president of south Florida’s leading builder of quality aluminum home additions, expects more homeowners to find the financing they need for home improvements. Noe is president of Venetian Builders, Inc., of Miami, which builds hurricane-resistant sunrooms, patio enclosures and screened pool enclosures in Miami, Fort Lauderdale, West Palm Beach and nearby communities.
A report by the National Association of Realtors on realtor.com notes that the median U.S. home price will have risen 6 percent in 2012. The report forecasts that in 2013, the median home price will rise 5 percent.
Economists in a Zillow.com forecast said that, on average, U.S. home prices will increase 15.6 percent by 2016, with one economist telling Zillow an improvement of more than 24 percent is likely by then.
“As home prices rise, so does value, and that means many homeowners will increase the equity in their homes,” Noe said. “Equity is a key in obtaining loans for home improvements.”
South Florida’s real estate recovery is well-documented. Miami-Fort Lauderdale has ranked in realtor.com’s top 10 recovering markets since the rankings began. For 2013, realtor.com forecasts home value in Miami-Fort Lauderdale to increase 6.1 percent, second-highest nationally.
Miami-Dade already was ranked by the National Association of Home Builders as the top U.S. market in the South for remodeling expenditures for 2011, at $1.7 billion.
“For many homeowners, it will make sense to add a sunroom, patio cover or screened pool enclosure as home values rise,” Noe said. "They’ll figure that an addition will just make their homes even more valuable.”
Noe warned, however, that Congress and the White House must avoid the fiscal cliff – a $770 billion reduction in federal spending and broad increase in taxes on Jan. 1, 2013. Economists told USNews.com that the fiscal cliff would drive the country into another recession by cutting spendable income and would boost unemployment to nearly 9 percent.
“Some way to maintain and increase momentum must be found,” Noe said.
Venetian Builders.com offers free, detailed estimates to homeowners in Homestead, Miami, Boca Raton, West Palm Beach and other south Florida communities who want to add aluminum sunrooms, patio enclosures or screened pool enclosures. For more information, call Venetian Builders, 866-596-2427.