Fellow REALTORS® ! Real estate professionals and industry trends are banking on people getting out and traveling more this spring and summer. As people are gearing up for their travel plans, we guarantee their minds aren’t going to be on their honey-do list they’ve been pushing to the side. Instead of doing their own research and putting the time into DIY projects, home remodeling trends are predicting people would rather save their own time and hire a professional instead.
Clare Trapasso wrote the following in a Realtor.com news article “Remodeling Expected To Remain Hot, Even as the Pandemic Eases”: Renovation companies will stay busy this year and into next as homeowners finally get around to that big kitchen remodel or adding a home office, predict renovation experts. Homeowners are anticipated to spend about 4.8% more by the first quarter of 2022, according to the Leading Indicator of Remodeling Activity. The indicator, from Harvard University’s Joint Center for Housing Studies, offers a short-term outlook for home improvement spending. The latest projection is up from around 3% last year, when many homeowners may have felt uncomfortable allowing crews inside their homes due to the pandemic.
Those looking to book renovations before selling a house might be in for a disappointment, as many professional remodeling businesses are booked a couple of months out. For REALTORS®, we highly recommend reaching out to anyone you know in the remodeling business. If there aren’t any remodelers in your current circle, this is the perfect opportunity for a little networking.
Staying on top of real estate trends can help give you the extra edge as a REALTOR® when it comes time to sell the right house to the right potential buyer. This article from Rocket Mortgage dives into online search behavior from 2020 to gather insights on the trends to expect in 2021:
Spending more time at home afforded many people the opportunity to evaluate how they could improve their space – we took a look at what Americans were interested in renovating. See some overall trends that could represent the average homeowner’s thought process or timeline around the renovation process:
- April 2020: “Home remodel ideas” searches peaked
- May 2020: “Home renovation cost” searches peaked
- June 2020: “DIY home renovation” searches peaked
- July – August 2020: The months with the highest specific renovation searches
- August and September 2020: “Renovation permit” searches peaked
- October 2020: “Home renovation company” searches peaked
After breaking down the search information for 2020, the article also breaks down the expected trends to see for 2021: We expect to see a lot of trends from 2020 continue into 2021 – including the importance of personal and specialty spaces, eco-friendly modifications and outdoor living spaces. While many of these trends spurred from necessity, post-pandemic lifestyle shifts may create the demand for certain aspects, like home office spaces, to become an expectation.
We highly recommend diving into the full article from Rocket Mortgage (linked above), as there is tons of great information to be gleaned on 2021 trends for home remodeling. Staying on top of these trends will likely help you as a REALTOR® as you prepare for a successful sunny season of selling homes! At UCBR, we’re passionate about supporting our network of people and inspiring them to be the best professionals they can be.
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