Looks like a good time to plan a kitchen remodel.
Whoever does one in the next year is going to get a bargain.
Peggy
St. Paul Pioneer Press (MN) - July 19, 2008 Gita Sitaramiah
A study by the Association of Home Appliance Manufacturers has found that shipments of home appliances declined by 10 percent in the first half of 2008 compared with the same period last year.
The decline has been attributed to a variety of factors, including the virtual collapse that has taken place in home building.
Meanwhile, consumers facing rising food and gas prices are opting to replace appliances only when they absolutely need to--a trend that has been made possible by the quality of the products appliance manufacturers turn out, said Ed Pell, the manager of market research at the National Kitchen and Bath Association.
The lack of demand for appliances is beginning to have an effect on remodeling companies. Doug Nelson, the chief executive of New Spaces remodeling in Burnsville, Minn., noted that the price of the average kitchen makeover his company performed has fallen from $100,000 several years ago to roughly $80,000 today.
In addition to wanting fewer appliances, many homeowners are increasingly opting for cosmetic work such as the installation of granite countertops, rather than full kitchen remodels, Nelson said.
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