The Great Remodeling Pause: Is It Over or Just Catching Its Breath?
Why did we do this???
Hey there! I hate bringing up the past, but you know how we all spent the pandemic in our homes? We quickly discovered that our kitchen cabinets were as outdated as some of our Spotify playlists and that our home office was actually just a corner of our cluttered bedroom? Yeah, we all became ultra-focused on upgrading our homes (because, let's face it, there wasn't much else to do). We took on remodeling and DIY projects in record numbers. If you were anything like me, you were personally responsible for keeping the local hardware store afloat.
But the winds of change are blowing. Our beloved home improvement giants like Mendards, Lowe’s and Home Depot have been posting lower profits, and their sales outlooks for the year are looking as gloomy as my attempt to install trim in my new kitchen addition (sorry Jessica).
The big question on everyone's lips now (or at least the lips of those who have been neck-deep in paint and plaster) is whether this remodeling pause is just a temporary break or if the boom is truly over.
Experts assure us that while homeowners are currently showing less enthusiasm for large-scale remodeling projects, this lull is likely temporary. One reason is that homeowners often remodel before and after moving. With slower home sales this spring, there may be fewer new homeowners making these remodeling changes. Plus, the median price for a home improvement project surged to a whopping $22,000 in 2022, a record high and a 22% jump from 2021. Like the price of groceries and what feels like everything, all this stuff just keeps getting more expensive, doesn't it?
But don't fret, my fellow home improvers. More than half of homeowners still intend to renovate in 2023. There are a few factors that may keep the remodeling sector strong in the long run:
Low inventory: With fewer housing options on the market, many homeowners may feel stuck and wary of today's higher mortgage rates and home prices. As they stay in place, they may desire to upgrade their current home to accommodate their lifestyle and needs for longer than they intended.
Aging homes: As homes age, they often need repairs or updates to maintain their value. Nearly 30% of homeowners updated their plumbing, followed by electrical and home automation upgrades. Homes enter their prime remodeling years when they are between 20 to 29 years old.
Boost value: Sixty-two percent of homeowners say their main motivation for taking on a recent renovation was to increase their home's value.
So, are you still wondering, "What are some good tips to consider when remodeling a house?" or "What part of your house is the most worth remodeling?" Well, stick around as I delve into these and other burning remodeling questions in our future posts.
And don't worry if you're still asking, "In what order should you renovate a house?" or "What is the first thing to do when remodeling?" We've got you covered. Just remember, the remodeling boom might be on pause, but our passion for creating comfortable, aesthetically pleasing living spaces sure isn't. Let's keep those hammers and paint brushes at the ready, folks!
Stay tuned and stay inspired, my DIY warriors!