A majority of homeowners believe now is a good time to buy or remodel homes, and more of them feel comfortable beginning planned renovations than they did last year, according to a survey commissioned by home-remodeling website Houzz.
Three-quarters of the more than 100,000 homeowners who responded to the "2013 Houzz and Home Survey" said that now is a good time to buy a home, and 53 percent said it was also a good time to remodel, according to Houzz.
The survey hinted at an increase in consumer confidence, with the share of respondents who said they would put off renovations because of economic conditions dropping to 45 percent from 52 percent last year, when Houzz asked the same question.
It also found that, compared to last year, a larger share of homeowners planning renovations would rather save for remodeling than splurge on vacations or other big-ticket purchases. In all, 48 percent of homeowners who responded to the survey are planning to build or remodel a home in the next two years, Houzz reported.
The survey also seemed to indicate that more Americans are interested in increasing the values of their homes. While the vast majority of homeowners who responded to the survey indicated that they conducted their last renovation project in order to improve the "look, flow and layout," 54 percent said they renovated their homes, in part, to increase their home’s value. That’s up from 47 percent in 2012.
"Together with Commerce Department data showing the rate of single-family home construction at its highest level in four and a half years, the results of this study point to a strengthening economy, housing and renovation market," a report on the survey said.
Houzz’s survey received more than 100,000 responses from its 14 million monthly unique visitors. The survey, which was conducted by Edge Research in January and February, covers past and planned renovations as well as the sentiment and motivations behind remodeling projects. Houzz said the survey was the largest ever of its kind.
Other findings of the survey include:
- Asked about their priorities when hiring a professional for a project, 67 percent of homeowners surveyed rated a "personality I can work with" as a five on a five-point scale.
- Like last year, bathrooms and kitchens were the most popular renovation projects, with 28 percent of respondents planning a bathroom remodel or addition, and 23 percent planning a kitchen remodel or addition in the next two years.
- Over the last five years, nearly four in 10 home-improvement dollars have gone into kitchens and survey data indicates future spending will continue to follow that trend.
- Over the last five years, homeowners spent an average of $28,030 to remodel their kitchens.