Surging demand for home improvement jumped in the last two years ignited price increases. Then, along came inflation.
Home Improvement Spending Jumped +28% from 2020
According to a recent report from Angi, formerly Angie’s List, spending on home improvement jumped +28% from 2020.
Average spending on home upgrades is now the highest since Angi began tracking this data seven years ago. The average spending on 3.7 projects during the year of 2021 was $10,636.
Quiz:
Please choose one answer:
1) I am ready to join EXP Realty.
2) I am interested in EXP Realty and need more info.
3) I am not interested in EXP Realty.
Key:
* If you answered “#1” congratulations. You are about to join the fastest-growing real estate company in the world. Tim and Julie Harris are inviting you to join them at EXP Realty. Text Tim directly for the next steps: 512-758-0206. (text only please)
* If you answered “#2” please watch the videos and check out the other intel on this site. http://whylibertas.com/harris .
* If you answered ‘#3’ no worries. You will want to check out whylibertas.com/harris so you can at least know what EXP Realty is and why so many agents are moving to EXP.
Mischa Fisher, chief economist with Angi, said, “With an increased focus on the home due to the pandemic, home prices rising to the highest on record (nearly +20% y/y), and materials prices in some cases +400% higher or more than their pre-pandemic levels, the major growth in total consumer spending on home improvement should not come as a surprise.”
Future of Home Remodeling
Harvard’s Joint Center for Housing Studies (HJCH) projects that prices in home improvements/upgrades will see a big hike in the first two quarters of 2022 and then decelerate mid-year.
Abbe Will, the associate project director of the Remodeling Futures Program at HJCH, said, “The rising costs of labor and construction materials, difficulty retaining contractors and climbing interest rates could discourage owners from undertaking new or larger remodeling projects.”
Home Furnishing Prices Have Climbed +19.9% Y/Y
Prices for all home furnishings increased +1.6% m/m in January and +19.9% y/y, according to the latest CPI released by the US Department of Labor. Take a look at the specifics of home furnishings price increases:
- Floor Coverings: +0.8% m/m; +7.2% y/y
- Window Coverings: +1.8% m/m; +16.2% y/y
- Furniture/Bedding: +2.4% m/m; +17% y/y
- Bedroom Furniture: +1.8% m/m; +13.7% y/y
- Clocks/Lamps/Accessories: +2.7% m/m; +6.3% y/y
Are you ready to learn what your DISC personality style is? You know it’s critical that you understand what your natural personality style is. Once you have obtained this knowledge everything in your business and personal life will change for the better. Tim and Julie Harris are making it super simple for you to have this powerful info. Now, text the word YOU to 47372, and when you do you will instantly receive a special exclusive text link. Next, you will complete your own DISC personality test.. the results will be shared with you instantly once you complete the simple and fun test, no strings attached. Simply text the word YOU to 47372 and click the link.
P.S. (Limited time: no charge to take the complete test)
* 4 Msgs/Month. Reply STOP to cancel, HELP for help. Msg&data rates may apply. Terms & Privacy: slkt.io/JWQ
Thanks to Angi and CNBC.
