Homeowners Renovating, Not Selling

With home prices skyrocketing, many homeowners have put a hold on house buying aspirations. Instead, they are making investments to be comfortable in their current homes, says research from Nationwide, an insurance and financial services organization. Of 1,000 homeowners polled, 77 per cent currently working on a project in their homes have future remodeling plans and inflation and supply chain challenges are not deterring those plans. In fact, 71 per cent who have upcoming projects expect to proceed with them despite higher costs, delayed timelines, and limited availability of the materials needed. Seventy per cent of renovations being completed are interior remodels, with kitchen (32 per cent) and bathroom (22 per cent) remodels leading their priorities in 2022. Almost two-thirds (62 per cent) have a budget of $5,000 or more for their work, while 36 per cent have budgeted $10,000 or more. Most homeowners are focused on repairing wear and tear (57 per cent), making their homes more enjoyable (55 per cent), or changing something that’s outdated (49 per cent). Interestingly, 40 per cent of homeowners would be willing to sign a contract with a contractor to lock in pricing and 94 per cent would be willing to store the project materials on their own property to prevent future material cost increases.