Excerpt taken from the weekly NADRA Industry Brief
February 2, 2011 | After years of shelving projects and doing only improvements deemed absolutely necessary, more homeowners are dusting off their remodeling plans this year as they grow more hopeful about the economy.
And given that many contractors are still willing to slash their prices to get new business, it could be a good time to get projects done for a low price.
For remodeling, it’s a buyer’s market, says Paul Zuch, president of Capital Improvements, a remodeling firm in Dallas, and president of the National Association of the Remodeling Industry.
During the downturn, Mr. Zuch’s company lowered profit margins in order to stay competitive with not only other established remodelers but also home builders who began to dabble in remodeling when demand almost completely dried up for new homes.
In fact, 80% of the 554 home-improvement contractors who participated in a recent Angie’s List survey said they would slash prices to win a bid — with some saying they’d drop their price by as much as 20%.
To read more, check out this week’s NADRA Industry Brief.