Economy Calls for Smaller Homes and Remodeling. But How?

Economy Calls for Smaller Homes and Remodeling

Instead of out with the old, it's in with the "fix up."

Action News Reporter Lindsay Nielsen takes us to the Home Show at the Veteran's Memorial Arena, where homeowners are looking to upgrade by remodeling.

It's been a change for realtors and home builders.

These days, the economy is leading more people to purchase smaller homes or make improvements to existing ones, as noted at the turnout at this year's Home Show at the Arena.

"We're seeing it up tick, listings are coming in, sales are happening so it's looking very good for the spring and summer market," says Associate Broker for Trevitt Realtors, Kay Graves.

Graves says she has seen another change, baby boomers now trading in their large homes for smaller ones as their families have grown up and moved out.

"I deal mainly with new construction, things have slowed down a little bit the last couple years. The size of homes have decreased a little bit, I'm building more around the 2,000 square foot to 2,500 square foot homes, a few years ago I was building more in the 3,000 square foot range," says John West, Consultant for Fine Line Homes.

West says the taxes on larger homes are too expensive for some.

Three to four years ago, his company sold around fifty homes a year.

Now, that number's dropped drastically to twenty or less.

So what are people doing if they can't buy new and big?

Remodeling of course.

Rocco Fragnito is shopping around for some new sliding doors.

"It's a lot more economical to remodel the existing home you're in," says Fragnito.

"So one of the reasons they decide to remodel is because maybe they don't have enough room in their existing home," says Professional Remodeler, Frank Rizzuto.

Decorators say the most popular places to remodel are kitchens and bathrooms, but people are also eager to spruce up their landscaping,too.