It is no secret that the economy has shifted in not-so-subtle ways over the past two years.
The COVID-19 pandemic started the dominos, and we are still sifting through the impact as we head into 2023. The housing market has been particularly impacted with housing costs and interest rates reaching levels we haven’t seen for some time. So what does all of this mean for homeowners looking to move or remodel in the near future?
Houzz, a valuable online resource for homeowners, conducted a survey back in October 2022 to determine expected trends. Here’s what they found:
“The vast majority of homeowners are proceeding with their planned home improvement projects in the face of inflation, supply chain issues and other housing industry factors, according to a new Houzz survey of nearly 4,000 homeowners conducted in October 2022.
The survey also found that only 1% of homeowners have canceled their remodeling projects so far in 2022, while 37% have completed a project. And nearly one-quarter (23%) plan to start a home improvement project in the next 12 months.
“For many, conditions like limited choices of available homes and rising interest rates are driving them toward renovations and improving their current home, since the cost of moving into a house that fits their current needs has become so expensive,” says Marine Sargsyan, Houzz staff economist. “Moreover, more than half of the homeowners we surveyed have no intention of selling or moving out of their current residences in the next 20 years — or ever.”
There is much more to say on the topic based on the results of their survey! Continue reading here >>