FOSTER CITY, Calif. — Modernize released the results of its latest homeowner survey related to home improvement project plans and preferences, showing that high demand for contractor services is likely to continue through June of this year.
According to the survey, 41% of homeowners currently in the process of completing a home improvement project are already making plans to begin an additional project before July.
Modernize's homeowner sentiment survey is an ongoing, long-term study of how homeowners research and tackle home improvement projects, such as implementing solar power, replacing windows, installing new roofing, and upgrading heating and air conditioning systems. The survey explores how homeowners budget for their improvement projects, find and select a preferred contractor or remodeler, and plan to pay for their projects.
"Homeowners are increasingly and more thoroughly doing their homework when searching for contractors," said Gregg Hicks, Modernize vice president. "Fifty-six percent (56%) of our homeowners report spending between one and five hours researching their home improvement project, which is up from 53% of respondents in 2020."
Homeowner Survey Finding Highlights
Modernize's report, available in a downloadable eBook, shows home improvement and home service plans from more than 20,000 consumer and trade surveys completed between January and May 2021.
Notable findings include:
- A majority of homeowners (56%), across trades, spend one to five hours researching their project before requesting a quote. However, 20% of homeowners claim to spend no time researching. Prior to the pandemic, 30% of homeowners confessed to doing no research before lead submission.
- This year, 31% of homeowners plan to finance about half of their project. This is an increase from 20% of respondents in 2020.
- Seventeen percent (17%) of homeowners expect to spend more than $10,000 on upcoming interior projects, while 71% of respondents plan to spend $5,000 or less on interior work.
- After price, online ratings and reviews are the most important factor when choosing an interior remodeler. While 26% of respondents value online ratings and reviews, 22% are heavily swayed by references. This is even more important for homeowners seeking contractors, with 37% impressed by online ratings and reviews.
Poor communication could cost contractors business. Twenty-three percent (23%) indicate that a lack of communication would be the leading reason why they would not hire a given home improvement contractor.
In addition to the downloadable eBook, Modernize will offer a free webinar reviewing the most pertinent survey results and their implications for window replacement, roofing, HVAC, and solar industries — as well as interior trades. The webinar will be hosted by Chris Pallatroni of Modernize along with Gregg Hicks, vice president of Modernize.
Date: Tuesday, May 25, 2021
Time: 2 p.m. EST
Register and download the eBook: https://modernize.com/contractor-resources/modernize-homeowner-sentiment-report-webinar.