“Generation Z is eager to get on the property ladder. Fifty-nine percent of Americans between the ages of 18 and 23 want to buy a house in the next five years, and more than half have already started saving for one, according to a survey by Bank of America Corp.”
“After climbing for much of 2018, mortgage rates have been falling since the beginning of the year. The average mortgage APR (annual percentage rate) was recently at 4.28%, according to Freddie Mac, compared to a high of 5% in 2018. But just because rates are down doesn’t mean you’re getting a good deal, says Consumer Reports.”
Here is a way contractors can be sure home improvement to-do lists never end for homeowners. Use marketing campaigns to encourage homeowners to organize projects by month. There’s always something to be done, but certain times of year are better to tackle specific projects, whether the goal is to save money or sanity, and local business owners can educate homeowners about this.
Many homeowners will be looking to create dream spaces with paint this spring. According to a new National Home Design and Color Survey from Sherwin-Williams, seven-in-10 homeowners plan to undertake a house-related project in the next six months. Of those homeowners planning house projects, painting tops the list with 42% wanting to liven up their space with color, followed by landscaping (39%) and redecorating (30%).
More than half (52%) of homeowners plan to make a home improvement or addition this fall, according to a new survey from Zillow. Homeowners plan to spend approximately $1,000, and will continue to focus on home office or playroom remodels in the fall. Overall, younger homeowners and homes with children are significantly more likely to be planning a home improvement or addition this fall.
As the economy and housing market continue to improve, consumers are stocking up on a range of lawn & garden products. They are demanding low prices and value, challenging marketers to innovate with products that either cost less or are demonstrably worth a higher price, such as zero turn radius lawn mowers and dual-stage snow blowers. Retail sales in this market are expected to reach $11.4 billion in 2017.