Home Remodeling and Repair Study - Q1 2009

In these challenging economic times, reasons for optimism may seem few and far between— especially in the housing sector. The Q1 2009 installment of the ServiceMagic.com Home Remodeling and Repair Study reveals that a turn for the better may be coming soon.

"Our survey shows that homeowners are feeling more confident about the economy this year, compared to last," said Craig Smith, CEO of ServiceMagic.com. "Of the 35 percent who postponed a home improvement project last year, more than half now say they intend to do it this year. We feel the sentiment shows that positive trends are aligning and we're seeing a light at the end of the tunnel."

Focus on increasing "live-in" value
"Across the board, we see a story developing about how home improvement was reshaped by the recession," Smith said. "The trends we found in looking at our data may, in fact, prove to be short-lived as the economy picks up. But in the first quarter of 2009, homeowners clearly focused more on increasing the "live-in" value of their home. They decided they may be staying there for longer than originally thought, so they took on home improvement and repair projects that made "pride in ownership" a factor in their decisions."

Compared to 2008, the report found a 26 percent increase in fixing/refinishing existing furniture requests; 17 percent increase in home appliance maintenance requests; a 26 percent increase in carpet and upholstery cleaning; and 28 percent increase in heating/furnace system requests. Combined, these trends suggest homeowners are performing more preventative maintenance to preserve home value, rather than making major upgrades.

Green is still red hot: Compared to 2008, the report showed a 101 percent increase in home energy audits, 26 percent increase in insulation, and 13 percent increase in solar panel related service requests. Additionally, 46 percent of homeowner requests expressed interest in green or energy-efficient solutions.

"Staycation" trend: Compared to 2008, the report showed a 50 percent increase in flat screen and home theatre installation and a 56 increase in awning installation requests.

Repair on rebound: 68 percent of homeowners are more likely to consider a previously postponed home repair project; 33 percent are more likely to put money into any type of home improvement project now than 12 months ago.

Contractor sentiment: 72 percent of home service professionals responding to the survey say they are optimistic about their company's performance for the rest of 2009.

See the complete ServiceMagic.com Home Remodeling and Repair Study

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