During the COVID-19 pandemic, Americans found comfort in finally working on those home upgrades that were put on the back burner.
Home improvement stores were in a frenzy keeping shelves stocked and contractors were staying busy.
Which projects seemed to spark the most interest? Let’s look at the facts and figures.
The great outdoors
Houzz reported that outdoor projects saw the most attention during the spring and summer quarantine months.
These projects included:
- Decks
- Patios
- Pools
- Spas
- Fences
- Outdoor kitchens
Read more about building an outdoor kitchen here.
This is because homeowners easily felt cooped up due to the stay at home orders. By creating their dream outdoor space, families were able to breathe some fresh air and entertain.
Numbers don’t lie
Home professionals also reported a 58 percent increase in project leads in the month of June. This number was compared to June of 2019.
Kitchen and bath experts saw an increase in demand as well at 40 percent. Home additions and expansion demand saw a 52% increase.
Additionally, web searches for pool professionals tripled this summer compared to a year ago!
And, to top that off, demand for fence installation jumped a whopping 166%.
How are they pulling it off?
Home values and equity have been on the rise. Homeowners have essentially been sitting on wads of cash for years, but with little to no time to take any action on it.
According to ATTOM Data Solutions, 27.5% of home mortgages were 50% or less than the value of the home. That means these properties are equity rich.
With this information, the drive to create a home oasis, and the time to now complete it all equals a no-brainier for most homeowners.
Also, those who have not been able to get around to their home projects yet are certainly planning on doing so in the near future.
Porch.com surveyed homeowners and more than three-quarters plan on making home updates in the next year.
Are you also thinking of making your home more livable? Contact us today for a free quote!