Market Study: Remodeling America

By Bill Esler | Posted: 04/09/2013 2:50PM

 

U.S. homeowners are bullish on remodeling, according to a new study by interior design portal Houzz.com: 53 percent of those surveyed agree now is a good time to renovate a home.

The second annual Houzz & Home Survey found confidence is higher among West region homeowners, and lowest in the Northeast. Minneapolis, MN and Portland, OR residents have the highest percent – 59 – who believe now is a good time to renovate, while Huntington, WV homeowners had the lowest, at 40 percent.

A key indicator of the economic turnaround, says Houzz, is the significant drop – a full eight points – in the percentage of respondents who said they are delaying projects as compared with survey results one year ago.

click image to zoomCloset Market Study

Only 11 percent of respondents surveyed by Houzz.com say they would need to take out a line of credit to finance their home renovations. Seventy-five percent of U.S. home owners surveyed also think now is a good time to buy a home, with confidence strongest in the Midwestern and Western regions of the country, according to Houzz research.

Significantly more U.S. homeowners are moving forward with renovation projects compared to this time last year, says Houzz VP community Liza Hausman.

“We’ve collected an unprecedented volume of data from the community,” said Hausmanin announcing the results of the study, which garnered more than 100,000 responses from the Houzz community of 14 million monthly unique users. Hausman says it is the largest study of its kind ever conducted.

click image to zoomCloset Market Study

Annie Nozawa, Houzz.com marketing manager, delivered preliminary results from the Houzz study at Cabinets & Closets Expo 2013 last month. View the complete study.

A survey of cabinet and closet companies conducted by the Vance Publishing Marketing Research division also indicated a rise in remodeling activity. Sixty-five percent of respondents had completed remodeling projects in 2012 versus 35 percent with new construction.

The rise in remodeling also drove up 2012 gross sales as compared to 2011 with 57 percent reporting an increase. Approximately 75 percent expect an increase in 2013, compared to 2012 gross sales.

click image to zoomVance Closet Market Study

Most of the remodeling activity involved kitchen cabinetry with 82 percent of respondents reporting projects built, remodeled or sold in 2012. Entertainment/Rec Room projects ranked second at 67 percent and laundry rooms, home office came in third at 65 and 61 percent, respectively. Master bedroom closets were at 56 percent and Garage organization, 35 percent (Editor’s note: respondents were able to choose more than one category, so the percentages total more than 100 percent).

The most requested material for closet system projects was melamine at 56 percent. Solid wood/veneer was 30 percent and wire 7 percent.

The top five most popular closet/home organization upgrades for closet companies were drawers, tie/belt racks, valet rods, jewelry tray inserts and hampers. The top five most popular garage upgrades were cabinets, shelves, workbenches, countertops and slatwall.

 

 

About the Author

Bill Esler woodworkingnetwork.com

Bill Esler

Bill Esler, Associate Publisher/ Editor in Chief, Woodworking Network Bill is responsible for editing Custom Woodworking Business and coordinating content for Wood Products , CLOSETS , WoodworkingNetwork.com, and related newsletters. Bill’s expertise includes using innovative print manufacturing techniques to grow audience engagement, digital printing, purls, QR codes; and lead-generating webcasts, custom websites, and custom digital and print content. Read Bill Esler's woodworking blogs. He can be reached at besler@woodworkingnetwork.com or follow him on Google+.

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