Over the past year, the home remodel business in the United States has been hotter than ever before. Due to the COVID-19 pandemic, people were forced to spend more time at home, allowing them to notice flaws and feel the need for more livable spaces. As the pandemic begins to ease, experts predict that the demand for home remodels will stay high.
According to the Leading Indicator of Remodeling Activity, homeowners are expected to spend 4.8% more on home renovations by the first part of 2022. Experts predict that renovation companies may be doing larger projects such as kitchen renovations or additions, as people have had time to save up for them. Additionally, there will likely be increased comfort around letting renovation crews into homes.
Due to the high demand, backlogs for renovation and design companies have already doubled to more than two months in the second quarter of 2021 compared to the same time period last year, the Houzz Renovation Barometer reports.
To read more, click here.
Have you been thinking about listing your current home and purchasing a new home? Call me today to discuss financing options!Tags: Mortgage News