Survey Says: Confidence in Housing Market on the Rise
With more than 190,000 respondents, Houzz's annual study provides insight into the state of the market.
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You might not be familiar with Houzz, but it's familiar with you—or people like you, at least. The online platform for home remodeling and design has over 20 million users to draw from, which makes its annual Houzz & Home survey the largest of its kind.
This year, some 192,536 respondents worldwide (including about 135,000 in the U.S.) volunteered information about their past, present, and future remodeling projects.
The survey's findings—available as of yesterday morning—are dense with statistical insights. More than a few stuck out for us as particularly noteworthy in the context of our ongoing housing market recovery:
- The average kitchen remodel costs $29,819 for those hiring a professional, though that number was much higher out west, and in Reviewed.com's neck of the woods—the northeast.
- 52% of respondents say they're remodeling to increase the value of their home, yet only 16% plan to sell in the next five years.
- From early research to the start of construction, the average Houzz user spends between six months and a year merely planning for major renovations.
The research also highlighted improved attitudes toward the recovering real estate market. To begin with, a surprising 74% of respondents say their local housing market has improved over the past year. And perhaps more significantly, those who report an improved local housing market are more than twice as likely to remodel as they are to move in the next two years.
Another encouraging tidbit? The percentage of respondents who had trouble funding their renovations or staying on budget also dropped from 27% last year to only 19% this year.
Of course, it's important to remember that the people who responded to Houzz's survey were self-selected. In other words, these are people who voluntarily signed up for an online community dedicated to residential design—people who are have already expressed an interest in improving their homes.
But Liza Hausman, vice president of community for Houzz, thinks there are plenty of lessons to be learned.
"The investment that people make in their homes is not only a financial one, it’s also a very emotional one," she said in the company's press release. "Rather than opting to move, the majority of Houzz homeowners undertaking renovation projects are choosing to do so because they want to stay in their home, not because they can’t afford to move."
This year's Houzz & Home survey was administered by Edge Research, and is now available for download from Houzz.com.
Hero image: iStock/irina88w
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