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Current Events Have Strong Impact On Home Improvement Demand, says Report

Modernize Home Services released its annual Homeowner Sentiment Report findings, resulting from a recent survey of 23,000 homeowners.

The report includes a set of questions regarding homeowner stressors, such as surging prices, a potential recession, supply chain backlogs, and political unrest. The results indicate that 86 percent of homeowners consider at least one of these factors to be the cause of their stress. 

These results offer homeowners an insight into how they compare to others considering home improvements and help contractors better understand their customers to best support them. The results are compiled and compared by trade and weighed against previous surveys.

Some of the findings

  • 83 percent of homeowners, across trades, have not created a budget. If they do, they are not confident in it; 73 percent are either somewhat or not confident at all in their budget.
  • Almost 80 percent of homeowners would like to finance part, if not all, of their project.
  • 87 percent of homeowners will compare two or more quotes or bids ahead of selecting a professional.
  • The top three factors, other than price, for selecting a contractor for a project are online ratings/reviews, expertise, and references.
  • The two top attributes of a contractor's sales process making homeowners least likely to hire him/her are tardiness and lack of communication.
  • 57 percent of homeowners believe the level of stress today is "somewhat worse" to "much worse" than at the start of the COVID-19 pandemic in 2020.
  • Almost 70 percent of homeowners said the biggest barrier to their home improvement projects is the "high cost of supplies." An additional 14 percent said it is "coping with managing the whole project."
Read the full report