In the home improvement news, emotional remodeling is on the rise. Almost one-third of homeowners feel happy in their home, and one-third of Millennials say happiness is their main reason for improving their home. A new leadership has taken over Conde Nast’s World of Interiors. Here are some trends you can expect for 2020:
Stocks of home renovation retailers taking hits as inflation eats away at profits
As the economy continues to falter, the market is turning negative for stocks of home renovation retailers. Consumer spending is predicted to hit $430 billion in the second half of this year, with a 17% year-over-year increase in the fourth quarter, compared to just 1% to 3% growth in the prior years. While inflation is already eating away at profits, lower demand could compound the problem. Home renovation retailer stocks are down more than 3% year-to-date, putting them far behind the broader market.
Prices of household goods and gasoline have been rising for several months now, resulting in a price hike. Pandemic-related supply chain disruptions have also contributed to price hikes in used cars. And as if this is not enough, the price of used cars has skyrocketed in response to a global shortage of computer chips. With pent-up consumer demand fueling the upsurge in prices, the country is currently experiencing its highest inflation rate in decades.
Demand for home improvement has spiked since pandemic
As more Americans spent more time at home due to the COVID-19 pandemic, the demand for home improvement projects has risen as well. According to CNBC, more than 39% of consumers said they had started a home improvement project in the aftermath of the disease. People added new rooms like home gyms and offices, installed decks, and repainted their living spaces. In addition, many people purchased homes in outlying communities in search of better living conditions and lower housing costs.
While the pandemic has caused quarantines on an individual basis, the demand for home improvement projects has increased. One local contractor, Todd Dillingham, is seeing an increase in business due to increased demand for outdoor entertainment spaces. While he was already planning to start a major home renovation project, he is now finding that his business has expanded significantly. Moreover, he says, a large proportion of those who suffered from the coronavirus plan to stay at home longer than they did before the pandemic.
Trends in home improvement projects in 2020
The housing market is experiencing an increase in home improvement projects and this trend is set to continue into the next decade. Low-interest rates coupled with increased homeownership have resulted in more opportunities for homeowners to improve their homes. However, there are some trends that aren’t expected to continue into 2020. Here are some trends to watch for. Read on to find out what homeowners will be doing in 2020 to improve their homes.
According to a recent survey, home remodeling and renovation projects will grow significantly in 2020. Kitchens, outdoor spaces, and home offices were the top three areas to remodel or upgrade. The survey also noted that the number of homeowners seeking loans for remodeling projects will continue to rise. This is great news for homeowners as these projects are a great way to boost the value of their homes. But before you begin a remodeling project, it is important to understand what trends will be popular in the future.
Leading home improvement blogs
The Leading Home Improvement Blogs can give you lots of ideas for your next renovation project. Many of these blogs are geared towards the green home. If you want to make your home greener, you need to read this blog first. In fact, this blog has been featured on a few websites, including HouseAid.com. The blog is written by a home improvement expert, and the content is great. In addition to offering tips for green home improvement, the articles in this blog also include a guide to earth-friendly renovations.
The website MerryPad features an attractive layout and a wide variety of home improvement topics. A handy homepage shows each step of a remodeling project. MerryPad is run by a home improvement enthusiast who has been featured on HGTV. She lives in Rochester, New York, with her husband and young daughter. The couple has been renovating houses since 2003. They currently own two homes. The website is full of photos and stories, which make it an easy read.
