Remodeling Expected To Remain Hot, Even as the Pandemic Eases
Remodeling Expected To Remain Hot, Even as the Pandemic Eases
Market Updates updated 8 months ago

Remodeling Expected To Remain Hot, Even as the Pandemic Eases

The demand for home remodels is expected to remain strong

According to Realtor.com the demands of home remodels are expected to remain strong—even as the COVID-19 pandemic begins to ease as vaccinations rise and people are no longer trapped inside their abodes obsessing over all the flaws.

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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.

 

 

 

However, the indicator expects there will be fewer do-it-yourself projects in the year ahead as more people get vaccinated and feel comfortable socializing, traveling—and getting out of the house and leaving the work to the professionals.

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