Home Repair & Remodel 2024: More Competition Among Providers

Hey there, home builders and remodelers! There are property owners out there ready to scratch a home improvement itch they’ve been holding off. That urge could mean some good things ahead, but only if you’re in the right place at the right time. So, how do you make that happen? Here are some insights about the home repair and remodel scene for 2024, and trust me, it’s worth a read.

Picture this: with fewer homeowners opting for remodeling projects, the basic law of supply and demand kicks in. Contractors, like you, seeking projects might find themselves in a more competitive landscape, leading to the possibility of offering lower prices to secure jobs. This means increased competition among services such as kitchen and bath remodelers, plumbers, carpenters, roofers, HVAC technicians, decking installers, flooring installers, and painters.

But guess what? It’s not doom and gloom. Quite the contrary. There is actually a perfect storm heading this way that will likely deter homeowners from selling and moving into a new dream home.

The reality is that as interest rates continue to rise, many homeowners are feeling financially “locked in” due to low interest rates they secured years earlier or are hesitating to sell amid high home prices (sure, they may make a lot selling their home, but they will also pay a lot buying a new home), and now the trend leans towards remodeling rather than buying new homes. And with housing supply remaining constrained, particularly in entry-level homes, properties are in high demand, spending far less time on the market, prompting bidding wars among potential home buyers, and consequently, sending home prices soaring.

The projections suggest a decline of more than 7 percent in annual homeowner expenditures for home updates and maintenance for most of the past year. Factors contributing to this include the housing market’s weakness alongside rising interest rates and overall economic uncertainty. But the new year has brought with it a renewed sense of “getting things done.”

As homeowners gear up to tackle their home improvement projects in 2024, here’s what’s topping their lists:

·  Regular maintenance (31.8%)

·  Interior painting (24.7%)

·  Installing new appliances (21.4%)

·  Bathroom remodel (21.3%)

·  Exterior home painting (20.6%)

·  Installing new flooring (19.7%)

·  Kitchen remodel (19.4%)

·  Installing smart home devices (18.6%)

·  New landscaping (18.4%)

·  Adding or replacing windows (17.4%)

Despite the forecasted slowdown, homeowners are expected to turn their attention to home improvements that will make their old home seem new again. And whether it’s a chef’s kitchen or spa-like bathroom, professional assistance will be necessary. In fact, nearly nine out of ten homeowners relied on professionals for their remodels or upgrades in 2021. Whether recent homebuyers or long-term homeowners, the demand for professional help remains consistently high.

Now, if you’re wondering how to connect with these homeowners, consider this: while recommendations from friends and family remain at the top of the list (36 percent), around 30m percent of homeowners turn to social media platforms such as Facebook, YouTube, and Pinterest for inspiration and guidance, according to the Home Improvement Research Institute.

This is where the expertise of digital media professionals like Brkthru comes into play. In the ever-evolving landscape of home improvement and repair projects, Brkthru knows precisely how to reach homeowners who are in need or planning such projects. If you’re ready to seize the opportunities presented in this competitive market of 2024, reach out to Brkthru at info@brkthru.com.

Let’s turn homeowners’ dreams into reality while fueling the growth of your construction business together in 2024!

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