X

INDUSTRY NEWS BLOG

Welcome to CalAtlantic Title’s news and information portal for professionals in the real estate
 mortgage and title insurance industries.

 

As your trusted partner in the business of buying and selling real estate, we know that the success of your business is inextricably linked to market forces, the buying habits of the different generations, regulatory changes, social trends and more. Check here for daily updates concerning market trends, business news and regulatory information to keep you informed of the most critical issues that could impact your business.

 


SEARCH BLOG

CATEGORIES

SUBSCRIBE

Name

04Jan

Realtor Survey: Homeowners Love Their DIY Remodels

Homeowners looking to add personality and individuality to their home are more likely to undertake a do it yourself remodel than hire a professional, according to the National Association of Realtors’ 2019 Remodeling Impact Report: DIY. The report also shows that cash-strapped millennials are the most likely of any generation to take on a DIY project.

 

The report examines the differences between remodeling when hiring a professional compared to homeowners who pursue “do it yourself” projects. The report also differentiates between projects that were undertaken to benefit the homes of consumers and those that benefit consumers’ pets.

 

According to the report, homeowners reported a “Joy Score” of 9.9 for projects done themselves (Joy Scores range from 1 and 10, and higher figures indicate greater joy from the project). That is compared to a score of 9.6 for projects completed by professionals. DIYers also expressed a greater sense of accomplishment with a finished project, with 97 percent of respondents indicating a major or minor sense of accomplishment, compared to 93 percent of those who hired a professional.

 

Respondents indicated that the number one reason for undertaking a project was to increase functionality and/or livability of their home (35 percent for DIYers and 41 percent for those hiring a professional). That is followed by increasing the home’s beauty and aesthetics (19 percent and 18 percent, respectively) and adding durable and long lasting materials and appliances (15 percent and 18 percent). Projects which were designed to add personality to a home were twice as popular among DIYers than among those hiring a professional (10 percent and 5 percent).

 

“One of the pleasures of homeownership is the ability to take on projects to customize a house that truly make it your own. With plenty of owners taking on renovation projects as New Year’s resolutions, this report is a great place to search for projects others have undertaken successfully,” said John Smaby, a second-generation Realtor from Edina, Minnesota and broker at Edina Realty. “Specifically, those taking on remodeling projects to get the most bang for their buck on resale should speak to a local Realtor, as they have unique and instrumental insights into which projects and upgrades bring the most value to homes in your area.”

 

Nearly three-fourths of Generation Y and Millennial consumers (73 percent,) over half of Generation X (51 percent) and 50 percent of Younger Boomers choose to DIY home projects. Seventy percent of the Silent Generation indicated that they hired a professional to complete their project – the highest of any generation.

 

Pet Projects

When it comes to projects undertaken for the benefit of the consumer’s pet, marginally more respondents indicated complete satisfaction when they hired a professional, 65 percent compared to 61 percent. However, consumers are more likely to DIY a project for a pet (56 percent) than a general home project (47 percent).

 

Respondents who hired a professional to complete a remodeling project for their pet indicated a Joy Score of 9.3, while DIYer’s reported a Joy Score of 9.4. The most popular animal-driven renovations were fence and laminate floor installation, along with the additions of dog doors, with fences earning the highest Joy Score (9.4 for professional, 9.5 for D.I.Y.).

About the Author

Related

Fannie Mae: A Patient Fed Could Put Housing on Firmer Footing

Fannie Mae: A Patient Fed Could Put Housing on Firmer Footing

Economic growth is projected to slow to 2.2 percent in 2019, down from last year’s 3.1 percent pace...

Read More >
Mortgage Applications Increase in Latest MBA Weekly Survey

Mortgage Applications Increase in Latest MBA Weekly Survey

Mortgage applications increased 13.5 percent from one week earlier, according to data from the MBA W...

Read More >
Existing-Home Sales Increase for the First Time in Six Months

Existing-Home Sales Increase for the First Time in Six Months

Existing-home sales increased in October after six straight months of decreases, according to the Na...

Read More >
Big gains in employment, economy adds 312,000 jobs in December

Big gains in employment, economy adds 312,000 jobs in December

Total nonfarm payroll employment increased by 312,000 in December, and the unemployment rate rose to...

Read More >
Lenders Pessimistic as Reported Purchase Mortgage Demand Hits New Low

Lenders Pessimistic as Reported Purchase Mortgage Demand Hits New Low

The profit outlook for mortgage lenders fell for the ninth consecutive quarter in the final three mo...

Read More >