When Americans found themselves stuck at home, they quickly turned their attention to home improvement. That quickly became evident as home improvement retailers saw a huge rush in traffic as folks tried to figure out how to make things a little bit brighter at home.
So, we all wonder what the Jones are doing to make things even better next door. The answer varies by location but there’s a few clear trends.
According to Houzz, an online home design and fix up platform, outdoor spaces were a very big focus. They say that new decks or patios, pools, and fences have been a real hot spot. Which makes sense, since everyone is trying to find a safe open space in these times.
One homeowner interviewed by CNBC explained his feelings about several projects. Justin Sullivan shared some insight on his pool, home gym, and sauna projects. “When you’re not able to go out, your house is an enjoyable space where you can live bunker-style and still be active, still feel comfortable, and still enjoy,” Sullivan says. “The kids will have spaces to make sure they can work from home, and when it gets really hot in the summertime, they’ll have a place where they can cool off.”
The data from Houzz’s well-travelled web app indicates a 58% annual increase in project leads for home professionals in June of 2020. That was largely from homeowners planning to update their spaces. Top searches included – as you might have predicted – pool and spa professionals which tripled this summer compared to a year ago, according to Houzz’s data. Another standout was deck and patio professionals who saw more than double the demand over last year.
Apparently staying at home also calls for good neighbor etiquette; demand for interest in fence installation and repairs rose 166%. Good fences they say, make good neighbors.
Space has also been at a premium, so more space has been in demand during the pandemic. It would correlate with Houzz’s 52% increase in people seeking professionals to provide home extensions and additions on their current space.
It should come as no surprise that kitchen and bath remodels also have jumped 40% jump in demand in June compared to a year ago, according to Houzz. These are projects that most homeowners have on the back burner, so this was an ideal time to hunker down and get it done.
Overall, homeowners have experienced record high amounts of home equity during the pandemic. That could be a motivating factor to undertake more house fix ups. More than 15 million residential properties—or 27.5% of all mortgaged homes–were considered equity-rich in the second quarter, according to ATTOM Data Solutions.
If that seems like good news, then there’s more to come. Homeowners haven’t slowed down in fixing and improving. In a survey by Pitch.com which tracks this stuff, more than three-quarters of homeowners say they plan to tackle a new house project over the next 12 months. The results indicate that top motivators included “finally having time,” “adding value to the home,” and a desire to make their home “feel cozier.”
If the increase in asset value from your improvements has you considering the sale of your home, when you’re ready to close on a deal, Ideal Title will be here to help. They have the professionals to assist with title and escrow needs. To find out what title insurance and closing services options are available, contact Ideal Title Agency. They’re glad to help you navigate these questions. Contact Ideal Title at info@idealtitleagency.com or check them out on Facebook: facebook.com/idealtitle .
