With home prices high and mortgage rates more than double that of last year, fewer Americans are buying homes these days. Instead, they’re choosing to stay put – repairing, renovating and improving the properties they already have to better fit their lifestyle and needs.
In fact, according to data from home services platform Thumbtack, 9 out of 10 current homeowners are planning to improve their property in some way over the next year. Another 65% have plans to turn their existing house into their “dream home.” As David Steckel, home expert at Thumbtack, puts it, “Home renovations seem to be top of mind right now.”
Yes, while inflation has gone down a tad from 2022, it’s still high, and many consumers are cash-strapped, so high-dollar projects? Those just aren’t possible for every homeowner. For those on tighter budgets, experts say a key home improvement trend in 2023 will be about making repairs – often, ones that were put off or delayed due to contract backups or supply chain delays.
“We’ve actually seen a major spike in demand for repair and maintenance projects that went ignored,” Steckel says. “These projects include small fixes like switch and outlet repairs, emergency plumbing and duct and vent repairs.”
Homeowners will also spend money giving their homes minor facelifts – making small but impactful updates that improve the home’s aesthetic and feel. “New kitchen finishes and appliances, as well as painting and lighting improvements throughout homes, will be a focus in 2023,” Body-Lawson says. “While painting is becoming expensive, it’s still a great value in terms of benefits and cost.”
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