Whether you’re a homeowner considering selling your home or a pro looking to find more projects, staying informed on what’s going on in the real estate and renovation industries is a pretty good idea. To help you out, we have compiled five stats that we think are pretty important. Take a look and comment to tell us what you think.
Painting/Adding Wallpaper is King
According to Home Innovation Research Labs’ Annual Builder Practices Survey, painting or adding wallpaper was the project that kept the most homeowners busy last year. Each year they survey more than 100,000 U.S. and Canadian households to see what home remodeling, repair and upgrade projects they’ve completed around the house. This year, the surveyed showed that painting and wallpapering was the most common improvement activity across the board, and especially those who purchased an existing home.
Millennials Are Avid Homebuyers
According to the National Association of REALTORS’ Home Buyers and Sellers Generational Trends Report, Millennials have consistently been the largest segment of home buyers for the last four years. Millennials,or Gen Yers, are buyers 36 years and younger. Sixty-six percent of these Millennial buyers were also first-time home buyers. Overall, 47 percent of homeowners are first-time buyers, most are shopping with a spouse or partner (73 percent) and are buying a single-family house (83%). Their top considerations are affordability and being in a safe neighborhood.
Many Bought Their Dream Home and Added a Deck
This year’s Home Innovation Research Labs survey also showed that the many surveyed homeowners who purchased a newly- built home rolled up their sleeves and added an outside structure like a deck, patio or porch. I guess when everything is brand new inside, you start working on the outdoors.
When looking at their stats from the last two years, they also found that compared to buyers of existing homes, buyers of new homes were…
- Three times as likely to build a garage or carport
- Twice as likely to build an addition with living space
- Twice as likely to build a storage building, workshop, barn, or other building
- Twice as likely to add radiant floor heating (primarily to a bathroom)
- 70% more likely to finish a basement
- 70% more likely to make outdoor improvements (decks, porches, fences, walkways, gazebos, etc.)
- 50% more likely to upgrade kitchen ventilation
Gen Xer’s Are Fixing Up Their Homes to Sell
The National Association of REALTORS’ Home Buyers and Sellers Generational Trends Report also found that most often members of Generation X (38 percent). Many Gen Xers are listing their homes for good reason though. The most common reason was a recent job change or promotion (26 percent). Eighty-three percent of sellers opted to make home renovations before listing. The most common improvements are painting (45 percent) and renovating the bathrooms (31 percent).
Remodeling is Going Strong
Metrostudy reported in their Residential Remodeling Index that overall remodeling activity across the nation reached a new high during the third quarter of 2017. This past quarter increases the track record to twenty-two consecutive quarters of year-over-year gains since 2011. Hurricanes Harvey and Irma are expected to cause noticeable increases in remodeling activity through 2018 as reconstruction and repairs get underway in impacted areas.
Each quarter, the RRI measures the level of remodeling activity in 381 metropolitan statistical areas throughout the U.S.. The activity measured includes home improvement and replacement projects, but does not include maintenance or projects of less than $1,000.