After experiencing a boom during the height of the COVID-19 pandemic, are home renovations slowing down? Home renovation and construction may be the latest industries to be affected by rising inflation and supply chain issues.
“More than half of homeowners renovated their homes in 2021 (55 %), according to 2022 Houzz & Home Study. These renovations are up from 53 % in 2020 and 54 % in both 2019 and 2018. Home renovation activity continues into 2022, with over half of homeowners planning to renovate (55%) and nearly half planning to decorate (46 %) this year.” (Source)
“…builder confidence in the market for newly built single-family homes posted its seventh straight monthly decline in July… This marks the lowest HMI reading since May 2021 and the largest single-month drop in the history of the HMI, except for the 42-point drop in April 2020.” (Source)
These trends might indicate that now is a great time to get your home renovated if you can afford it, as contractors who are normally booked up for several months out might have some time in their schedule to lend to your home improvement project.
Summer is a great time to get your floors re-done, especially if you plan to go out of town. Imagine how good it would feel to come home to beautiful, newly installed wood floors!
Wide plank floors are the standard right now in terms of hardwood floors. Click here to browse our selection of wide plank floors.
Are you planning to renovate your home? Did you already do so over the past couple of years? Why or why not? Let us know in the comments!