Mortgage Slowdown Will Lead to Remodeling Boom

No doubt about it, the U.S. housing market is hitting the brakes hard. In its latest release, The National Association of Realtors (NAR) stated its Pending Home Sales Index, based on signed contracts, fell 10.2% to 79.5 in September.

With high-interest rates tamping down homebuying activity, Americans who otherwise may put their homes up for sale may wind up staying put.

But that doesn’t mean they won’t be active.

More real estate experts say that given the slowdown in homebuying activity, homeowners will take the opportunity to build more value into their homes by engaging in major remodeling and renovation projects.