Just like the real estate market where trends are usually forecasted, there is also home improvement trends forecast for the year 2019 in which homebuyers, home sellers and investors (house flippers) are also looking into, especially if homeowners are looking to do home renovations, or house flippers buying a house that needs renovations before flipping, etc. But what exactly is the trend for home improvements to watch for the year 2019?
Jamie Gold wrote about home improvement trends to watch in 2019. Read the article below to learn more.
Five Home Improvement Trends To Watch In 2019
Do you follow the home improvement industry? If so, the Home Improvement Research Institute thinks you should pay attention to these key trends in 2019. The nonprofit trade association is comprised of global building product manufacturers, national retail chains and allied organizations on the media and information side.
These five takeaways were among the key points industry experts shared at HIRI’s 2018 Industry Insights Conference last September in Oak Brook, Illinois (with context provided).
1. DIYers are more likely to be Millennials.
Nearly a quarter of the U.S. population made home improvements in the last year and only 7% of them worked with a professional. “DIYers spend more than 60 hours per week on TV and digital devices, including computers and smartphones,” Peter Katsingris, senior vice president of insights at Nielsen, told conference attendees. “The technology and the choices it provides make DIY a realistic option for people.” (A quick search of YouTube shows 252,000 results for home improvement DIY videos, potentially a useful albeit cluttered marketing platform for reaching this massive demographic – or figuring out how to wire your new smart home security system.)
2. Over-inspiration is a key factor in home improvement regret.
More than a third of homeowners who completed a home improvement project in the past year regret not spending more on the project, according to The Regret Factor Study. “Regretters are more likely to have used a wide range of inspirational sources, especially television, magazines and social media,” observed declared Brenda Bryan of RICKI, the Research Institute for Cooking and Kitchen Intelligence, who led the study with Leslie Gillock, vice president, director of insights at Wray Ward. (FOMO, the fear of missing out, has apparently migrated from vacation and party video envy on Facebook to real world remodeling projects. That’s worth considering when planning a remodeling project at the right investment level for your property, or supplying products or services for a client’s.)
3. The rental housing market is on the rise.
A wave of growth since 2004 has increased the number and share of rental households in the U.S., especially higher-end rentals in urban areas. According to the Joint Center for Housing Studies of Harvard University, 40% of recent additions to the rental stock charge $1,500 or more per month. (This insight could lead to greater interest in “portable” home improvement products that tenants can take with them when they move, such as hand-held massaging shower heads and freestanding wine refrigerators.)
As mentioned by the author, the majority of the DIYers for the year 2019 are millennials using their smartphones searching for do-it-yourself videos on YouTube. Also, another important thing to note is the rising rental housing market, primarily in higher-end rentals in urban areas. The economy is healthy and growing, which means more job opportunities in urban areas and people are searching for properties for rent due to this increase in the workforce.
Alcynna Lloyd published an article in Housing Wire about home renovation experts warily optimistic about the housing market in 2019 and the reasons behind this.
Home Renovation Experts Warily Optimistic About 2019’s Market
A lack of affordability has prevented many Americans from re-entering the housing market, leading to a surge in the home renovation market.
In fact, data from Buildfax states that within the past five years, home remodeling has surged about 30%.
However, in its 2019 home renovation forecast, Houzz explains that although the remodeling industry is likely to have another successful year, many experts are proceeding with caution.
“Residential construction and design service professionals large and small have sustained a remarkable multi-year run with upper-single to double-digit revenue growth,” Houzz principal economist Nino Sitchinava said. “Based on qualitative feedback, the recent deceleration in growth of construction services is likely a function of capacity constraints due to labor shortage, rather than a contracting demand.”
That being said, Sitchinava notes that remodelers’ mood about the economy is quickly changing and clouding their business outlook.
According to Houzz’s analysis, although companies maintain a positive perspective on the demand for their services in 2019, wavering confidence in the national economy is dampening their outlook.
“While companies maintain widespread optimism about the demand for their services in 2019, sentiments about national and local economic health in 2019 are neutral at best,” Houzz writes. “Unlike last year’s expectations, industry groups are more consistent in their views that the national economy is much more likely to deteriorate in 2019 than improve.” Click here to read the rest of this post…
Despite the wary optimism of some house renovation experts, home remodeling industry, in general, will still have another successful year, sustaining its surge over the past five years. Add on to the huge workforce of millennials that matters a lot in home improvement and renovation growth.
Sara Ventiera wrote an article in Realtor.com about millennials doing home improvement and its significance. Learn more about this article below.
Millennials vs. Boomers: Why Some Home Improvements Are So Much Hotter Than Others
You can see it in Home Depot, as homeowners cruise the aisles with overflowing orange carts, and in the offices of contractors whose phones are ringing off the hook: The home improvement industry is booming. Call it the HGTV effect, which has inspired millions of U.S. viewers to knock down walls, install kitchen islands, and outfit their living room walls with shiplap so they’re Instagram-worthy. Or maybe it’s because folks have more money in their pockets thanks to a stronger economy, and want to invest in their homes.
The average homeowner is taking on more improvement projects—and dropping more dough on them, according to the 2017 True Cost Survey from the national home services marketplace HomeAdvisor.
“A few years back, when things were rougher, when home values were not as high, people tended to take on projects like a new toilet and sink,” says HomeAdvisor’s chief economist, Brad Hunter.
Now that the economy and the housing market have improved, homeowners finally have more income, as well as more equity in their abodes—and so they’re taking on nonessential renovations to turn their homes into their dream homes.
“Nowadays, it’s ‘Let’s redo the toilet, sink, tile, and vanity.’ Instead of replacing countertop in the kitchen, it’s: ‘Let’s reface cabinets,'” Hunter says.
But not all home improvement projects are equally in demand—what homeowners want varies a lot depending on their generation, income, the age of their home and where they live. We teamed up with the folks at HomeAdvisor to get a picture of who’s renovating what in America. Learn more here…
Home improvement and renovation is very important not just for homebuyers, but also for investors and home sellers as well. Home values appreciate depending on its condition. The general rule of thumb is that a house or a property that requires minimal repairs or renovations. This the reason why home improvement trends are among the most important forecasts people in the real estate market is looking forward to hearing.
If you have done home repairs and renovations to your home and wanted to sell it fast, we at Dependable Homebuyers can help you sell your house fast and easy on your part. We find the right buyers for your beloved home that suits your price range. Visit us on https://www.dependablehomebuyers.com to get started.
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