The 2022 mortgage slowdown will lead to an increase in remodeling spending, according to a recent report from The Street.
The National Association of Realtors (NAR) reports that the number of contracts for new homes has fallen significantly since September. As the U.S. housing market slows, more homeowners will turn to remodeling projects, The Street explains.
According to The Street, homeowners will “take [this] opportunity to build more value into their homes by engaging in major remodeling and renovation projects.”
The report says that consumers are now less interested in “fixer-upper” properties, since prices have hiked for all property types. As a result, consumers will look to renovate their homes and increase resale value down the road.
This is welcomed news for remodelers, who should see business pick up as more consumers turn to renovation.
Clear Estimates is built with remodelers in mind. Whether it's a small kitchen remodel or a full home renovation, Clear Estimates can simplify your estimating and take your business to the next level. As work picks up in the coming months, we’ll have what you need to stay on top!