Chart of the Day: This old house
American homeowners realize that moving up does not mean moving out.
Driven by rising home prices and the need to rebuild equity lost in the housing crash, home improvement activity is booming.
(Read more: All-cash crushing first-time homebuyers)
According to the National Association of the Remodeling Industry (NARI), the remodeling market is continuing an upward trend.
As millions of homeowners upgrade what they own versus buying another house, the new era of home renovation will feature five main trends, according to NARI:
- Kitchen Cooks: The most remodeled room in the house will get a major facelift. Remodeled with white or gray cabinetry and minimalist designs, appliances are more likely to be hidden to give kitchens a sleeker appearance.
- Bathroom Break: The second-most remodeled room in most homes will be changed to feel as if you're still on vacation well after you've checked out of your hotel. Modern bathroom will feature resort-style designs that feature large walk-in showers and heated floors.
- In Living Color: According to Pantone, homes will feaure neon greens and warm reds for 2014.
- Brass Ring: Polished brass hardware and lighting is out; dull and hammered brass is in.
- Going Green: In an effort to use more renewable materials, home renovations will feature more bamboo and energy-efficient appliances.