Harvard's Joint Center for Housing predicts annual declines in renovation and repair spending of 0.4% by the second quarter of 2021. While homeowners may continue to do more projects throughout the fall, some experts predict spending will fall. Next was adding value to the home and, finally, making the home "feel more cozy." The top motivator was, "finally having the time," according to the report. More than three-quarters also said they plan to take on a new project in the next 12 months. homeowners said they had done some type of home improvement project during the pandemic, according to a recent survey by, another remodeling platform. Sheltering at home clearly influenced demand, as more than three-quarters of all U.S. "They have more confidence in their homes as investments." "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. Justin Sullivan, who is also a contractor, says he is seeing more people use their home equity to fund these projects. "More property owners rose into equity-rich territory and escaped the seriously underwater lane, putting more money into the average household." "Homeowners saw their equity rise far and wide throughout the United States during the second quarter of this year in yet another sign of the housing market punching back against the Coronavirus pandemic," said Todd Teta, chief product officer with ATTOM. That is 27.5% of all mortgaged homes in the U.S., up from 26.5% in the first quarter. Just over 15 million residential properties were considered equity-rich in the second quarter, meaning mortgages on those properties was 50% or less than the value of the home, according to ATTOM Data Solutions. Home prices continue to gain, despite the economic downturn, as demand for housing soars. Homeowners are likely getting extra incentive from the record high amount of home equity they now have. Home extensions and additions jumped 52%, and security and privacy also saw much greater demand with interest in fence installation and repairs up 166%. More people are cooking and eating at home, and kitchens are now even more the center of family life. 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. "Over the past year we've made many significant additions and improvements to how our platform helps homeowners find and connect with the right professional for their project - enabling people to directly schedule video meetings with pros through Houzz Pro is just one example - and we're really seeing the impact of those investments in the number and quality of connections we're making," said Liza Hausman, vice president of industry marketing at Houzz. Much like real estate agents, remodeling professionals are now adapting to a new world of social and professional distancing. The stock is on pace for its best year since 2003. Poolcorp, an international distributor of swimming pool supplies, parts and outdoor living products, hit an intraday all-time high this week and is up over 54% year to date. Pool demand is so strong that even Wall Street investors are taking note. Not far behind, landscape contractors, deck and patio professionals all saw more than double the demand. Those working on outdoor spaces saw the biggest increase in demand, with searches for pool and spa professionals three times what they were a year ago. Houzz, an online home remodeling platform, reported a 58% annual increase in project leads for home professionals in June. The Sullivans are far from alone in their desire to create a retreat, even if that retreat is in their own basement. "The kids will have spaces to make sure they can work from home, and when it gets really hot in the summertime, they'll have a place where they can cool off." "The pool, the home gym, the sauna - those are things that when you're not able to go out, your house is an enjoyable space where you can live bunker-style and still be active, still feel comfortable, and still enjoy," said Sullivan.
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