I’ve been researching for a short series on my company’s blog this month, and the topic chosen was the Great Recession and how it’s changed the housing and renovation industry. Evidence shows that while new home sales plummeted after the housing crash, renovation rates are actually increasing; people are staying where they are, and renovating their existing homes for the long run.
I wanted to see if anyone here has seen this trend in practice. Has there been a shift since 2008? Has it improved or reduced your business? Where do you think things are going to go from here?
The Houzz and Home 2013 survey showed that 53% of polled homeowners were comfortable with starting a renovation project this year, which is up from previous years. Many middle-class Americans bought their “starter homes” in the early 2000s but the crash meant that they were stuck there, unable to flip the places for a profit. So instead of upgrading houses, they’re doing some long-term renovations to improve their current digs.
It’s pretty neat information and I figured I’d see if anyone on here has a perspective to share.