Here’s What Your Neighbours Are Doing.

Houzz, an online home remodeling platform, reported a 58% annual increase in project leads for home professionals in June, while Poolcorp, an international distributor of swimming pool supplies, parts and outdoor living products, hit a new intraday all-time high this week and is up over 54% this year. 

There is a lot of activity in Justin Sullivan’s backyard, as workers hammer out his new deck, and jackhammers pound through the basement. Concrete for the new pool has already been poured. The Sullivans are far from alone in their desire to create a retreat. 

Kitchen and bath have always been popular remodeling choices, but even those saw a 40% jump in demand in June compared with a year ago. More people are cooking and eating at home, and kitchens are now even more the center of family life. Similarly, home extensions and additions jumped 52%. Homeowners are likely getting extra incentive from the record high amount of home equity they now have. Home prices continue to gain, despite the economic downturn, as demand for housing soars.

Justin Sullivan, who is also a contractor, says he is seeing more people use their home equity to fund these projects: “We’re also hearing that money that folks are saving from not going out to restaurants, not eating out, not going on vacations, those things are being saved and they’re deciding to add that value back into their homes as an investment,” said Sullivan. “They have more confidence in their homes as investments.”

Sheltering at home clearly influenced demand, as more than three-quarters of all U.S. homeowners said they had done some type of home improvement project during the pandemic, according to a recent survey by porch.com, another remodeling platform. More than three-quarters also said they plan to take on a new project in the next 12 months. The top motivator was, “finally having the time,” according to the report. Next was adding value to the home and, finally, making the home “feel more cozy.” 

In such times of renovation resurgence, Georgian presents an invaluable opportunity. We innovate and transform, so that our clients come to find their dream homes unleashed. By putting a little love back into your home, you can fall in love with it all over again.