Kitchen & Bath Design News

AUG 2018

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16 Kitchen & Bath Design News • August 2018 like multiple shower heads and built-in audio speakers for extra entertainment and enhanced relaxation," he added. • Much of the strength in home improve- ment can be attributed to an unusually low supply of housing for sale, which is driving up home prices and frustrating would-be homebuyers, particularly at the under-$200,000 price point, HomeAdvisor's report concluded. "The number of homes for sale in markets across the country was already low a year ago, and the supply has fallen further short in 2018," Hunter said. "The upshot is that many people who would ordinarily want to move to a different home are making the decision to stay put and im- prove or repair the home they already have." • While recent growth in home improvement spend- ing has resulted from increased home values, increased homeowner equity and increased consumer confidence in a recovering economy, "going forward, we'll likely see home values and equity continue to fuel home improvement growth, but in a different way, particularly as older homeowners complete more accessibility improvements and millennial influence continues to grow in the home improvement sec- tor," HomeAdvisor said. • Recent tax changes and ris- ing interest rates are not sig- nificantly impacting home- owners' decisions regarding home improvements and home sales and purchases, according to HomeAdvisor. In fact, more than two-thirds of surveyed homeowners say these changes make them neither more nor less likely to complete a major home improvement project or sell and purchase a primary resi- dence in the next 12 months. "Looking into the future, we anticipate rising mortgage rates to have a greater impact on homeowners' decisions regard- ing home sales and purchases. We expect that, unless they have to move for reasons related to job relocation or family, more people will consider staying where they are to keep their cur- rent, locked-low mortgage rate and avoid borrowing at a higher rate to make a new purchase," Hunter said. "Faced with higher monthly mortgage payments, homeown- ers will become increasingly hesitant to sell their current primary residence to purchase a new home. That means they'll continue to improve instead of move. And that will facilitate continued growth in home im- provement," he added. ▪ CONSUMER BUYING TRENDS DEMOGRAPHICS & BUYING PATTERNS FOR THE HOME Interior and exterior applications: Countertops, Cladding, Furniture and Flooring. Resistant to stains, scratches, chemicals, extreme temperatures and UV exposure. Maximum format, minimum thickness, different fi nishes. More than 50 selections available. NEOLITH®, DESIGN, DURABILITY, VERSATILITY, SUSTAINABILITY. 2017 2015 2016 www.neolith.com FM DISTRIBUTING: SF (Northern CA), NE, OR, WA, ID, AK & HI; GLOBAL GRANITE & MARBLE: MO, KY & KS; HG STONES: NY, NJ; LA NOVA TILE: TX (Houston); MARBLE & GRANITE: CT, MA; MARVA MARBLE: VA, MD, NC, DC, WV, PA, DE, SC; OLLIN STONE: Southern CA; OMICRON GRANITE: FL, AL, LA, MS & OH; PACIFIC SHORE STONES: AR, TX (Austin, San Antonio), TN (Memphis), OK; POMOGRANIT STONES: TX (Houston); STONE CENTER: GA; STONE DESIGN: IL, IN, IA, WI, MN & MI; THE STONE COLLECTION: TX (Dallas, Fort Worth), NM, CO, AZ, UT & MT. Kitchen Island, Countertop, and Backsplash: CALACATTA Polished I Residential Project in Jupiter, Florida (USA) I Designed by Island Times Renovation I Photography: Dámaso Pérez, Fototec Circle No. 8 on Product Card

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