According to Rismedia.com, many home owners have cut back on home renovation spending, especially in regards to the kitchen.

Since it is getting harder to sell a home, at what many feel is a profitable value, people are starting to cut corners. Based on info complied from a survey by the National Kitchen and Bath Association, at the end of Aug. 2007, the year total for kitchen renovations (at more then $20,000 per renovation) was $53.4 billion; this may seem like a lot, but it is down 40% from the previous year.

Of course, while they are cutting back, renovations are still being done. In fact more then in past years (about 7.6 million kitchens were redone in 2007, about 200,000 more then in 2006), it is just that they are being more selective. Some still hold out hope that a little renovation can help sell, which of course is true, one bad or great room can make or break a deal.

More and more home owners are now choosing the least expensive, but functioning appliances, etc for their renovations. Instead of going with the best in line, they are budgeting and going with only the basics.

The change in remodeling also comes from the fact that less home owners are able to acquire remodeling loans. To get a loan you need equity, a big part of this equity comes from your home value; lower values because of the market=no loans.

To help owners more easily be able to pull in remodeling at lower price (also helping them to get the necessary loan), companies/businesses that specialize in remodeling are offering new bargains/deals. For example, they are offering more periods of free financing, low payments, do X, get Y for free, etc.

Still there are some who choose not to do it at all, and instead throw in the towel and try to market as a fixer upper, they figure why put in more if they are most likely to get less or nothing at all from their return.