The forces behind a multi-year surge in home remodeling are waning. The homebound days of the pandemic that drove home updates are fading and the homebuying frenzy has stalled. In their place, concerns for high inflation and a looming threat of recession are easing in.
What does that mean for remodeling?
Despite the changing market, homeowners will keep it coming. “The nation’s housing stock is aging, and older homes are more in need of repairs, maintenance, and updates. And despite the turmoil in the economy and financial markets, homeowners have high levels of equity they can tap to fund the work,” writes Realtor.com.