| Press Releases
Survey reveals in 2007 homeowners will take advantage
of dropping labor and material costs
and remodel their homes.
A recent survey of 5,000 homeowners indicates that homeowners are reacting
to the end of the real estate boom by staying put and remodeling.
Sunnyvale, CA — This updated remodeling survey of 5,000 homeowners was conducted in the fall of 2006. The data shows a continuing trend toward large remodels and with an increasing concern for the cost of the remodel.
All participants in the survey were considering remodeling their existing home or moving to a different one. Participants had lived in their current home (with an average home value of $422,000) for an average of 8.5 years.
Survey respondents stated that this will be their last big change in housing for a very long time. On average, they expect to stay in their current home or the one they are about to move to for 17 years. (The 2005 year respondents averaged 18 years).
Some of the findings in the survey:
- Do-It-Yourself is on the rise for remodelers:
- 32 percent said they plan to be their own remodeling contractors (up from 25 percent in 2005)
- 65 percent will do at least a portion of the remodeling work (up from 60 percent last year
- 50 percent who plan to remodel will spend 30 percent of their home's current value on the project (up from 33 percent last year of those who plan to remodel who will spend 30 percent of their homes value)
- 50 percent of the respondents want more rooms, such as dens and bedrooms. 57% are planning to add one or more bathrooms (No significant change from last year)
- 15% described their choice of materials for their remodel as expensive, 10% as economy and 75% want materials, cabinets and trim to be average for the type of home they live in
- 47 percent of the respondents want to remodel their bathrooms, and XX want to remodel their kitchens
- 55 percent of those who are considering remodeling are excited about the idea; 10 percent are dreading the process. (No significant change from last year)
Dan Fritschen, the author of the study, says that the trend towards remodeling is deepening with an increasing cost consciousness.
"With housing prices falling and interest rates higher than they were a few years ago homeowners are still remodeling, but with an emphasis on controlling costs. Just a year ago with high home prices many homeowners were influenced by the wealth effect and were remodeling with a blank check attitude. What the survey shows is that homeowners are planning to spend about the same amount but are expecting to get more for their money and not hiring a general contractor and doing some of the work themselves is one way homeowners think they can reduce the cost.
Fritschen continues "coincidently the home improvement industry is helping homeowners in their quest to get more for less by a continuing drop in construction material costs and a work force that is more available to help in remodeling. The slow down in new home construction has left many laborers and tradespeople who were building new homes looking toward homeowners for work remodeling instead.
About Dan Fritschen
Dan Fritschen is the author of Remodel or Move: Make the Right Decision (ABCD Publishing, 2004), The Complete Remodeling Workbook and Organizer (ABCD Publishing 2006) and the founder of RemodelOrMove.com and RemodelEstimates.com homeowner information and advocacy websites. Remodel or Move has been praised in Better Homes & Gardens, the New York Post, Midwest Book Review, as well as other national and local publications.
Media kits, review copies and interviews available on request.
Dan also has a number of articles available on a variety of remodeling topics. Special feature inquiries welcome.
Contact: Barb Fujito 888 825 4169 or send an email to barb@abcdpublishing.com
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