Modernize Home Services Annual Homeowner Sentiment Report: Current Events Have Strong Impact on Home Improvement Demand

Rhea-AI Summary

Modernize Home Services released its 2022 Homeowner Sentiment Report, surveying over 23,000 homeowners about their home improvement intentions amidst rising costs. The report reveals that 86% of homeowners feel stressed about factors like surging prices and potential recession. Key insights show that 37% plan to research for 1-5 hours before hiring professionals, while 73% lack confidence in their budgeting. Interestingly, 50% intend to pursue additional projects within six months, despite 70% citing high costs as the main barrier. The findings highlight significant homeowner stress levels, particularly among those planning roofing projects.

Positive

• 50% of homeowners plan to pursue additional projects in the next six months, an increase from 38% in January 2021.
• Only 32% of homeowners had to pause or cancel a project, a decrease from 45% last year.

Negative

• 86% of homeowners cite rising costs and economic uncertainties as significant stressors.
• 73% of homeowners lack confidence in their budget for home improvement projects.
• 70% state high costs of supplies are the biggest barrier to completing projects.

Modernize Home Services, a leading provider of marketing services for home improvement contractors, has released its 2022 Homeowner Sentiment Report results. In this recent survey of over 23,000 homeowners considering home improvement projects, Modernize notes significant stress and deep concerns regarding the rising costs of goods and services.

AUSTIN, Texas, Aug. 11, 2022 /PRNewswire/ -- This summer, Modernize Home Services released its annual Homeowner Sentiment Report findings, resulting from a recent survey of more than 23,000 homeowners. Respondents shared their thoughts on preparing for home improvement projects, budgeting, pain points, and more. The 2022 Homeowner Sentiment Report includes a special set of questions regarding homeowner stressors, such as surging prices, a potential recession, supply chain backlogs, and political unrest. The results indicate that 86% of homeowners consider at least one of these factors to be the cause of their stress. Modernize strives to understand how homeowners and their home improvement decisions are being impacted by recent events.

Each year, Modernize conducts an extensive survey of homeowners to provide insight into what drives them to start home improvement projects. These results offer homeowners an insight into how they compare to others considering home improvements and help contractors better understand their customers to best support them. The results are compiled and compared by trade and weighed against previous surveys.

Important Homeowner Insights

• 37% of homeowners plan to spend 1-5 hours on research before hiring a professional and 43% plan to spend at least 6 hours on research before hiring.
• 24% of homeowners use home improvement websites like Modernize when researching their upcoming projects.
• The majority of homeowners (83%), across trades, have not created a budget. If they do, they are not confident in it; 73% are either somewhat or not confident at all in their budget. 41% of homeowners with a budget found online articles and tools to be helpful.
• Almost 80% of homeowners would like to finance part, if not all, of their project.
• This year, only 32% of homeowners have had to cancel or pause a project, down from 45% last year. This year, however, the reason for most cancellations (74%) is cost.
• 50% of homeowners plan to pursue additional projects in the next six months, up from 38% in January 2021. 11% plan on spending more than $11,000.
• Almost half of homeowners use recommendations from friends to find a contractor. Social media (8%) is up 2% from last year.
• 87% of homeowners will compare 2 or more quotes or bids ahead of selecting a professional.
• The top three factors, other than price, for selecting a contractor for a project are online ratings/reviews, expertise, and references.
• The two top attributes of a contractor's sales process making homeowners least likely to hire him/her are tardiness and lack of communication.

Homeowner Stress Levels Special Report

• 61% of homeowners selected that their levels of stress about decisions relating to their home as "more than I can handle" and "a lot of stress, it's tough to manage."
• Homeowners looking to complete a roofing project (75%) with Modernize are the most stressed trade.
• 57% of homeowners believe the level of stress today is "somewhat worse" to "much worse" than at the start of the COVID-19 pandemic in 2020.
• Almost 70% of homeowners said the biggest barrier to their home improvement projects is the "high cost of supplies." An additional 14% said it is "coping with managing the whole project."
• 45% of homeowners across trades agreed completely with the statement, "I just feel overwhelmed by everything that would have to be managed for this project."

The Modernize team recently hosted a webinar on Friday, July 29 reviewing the survey results. The webinar included participation and expert insight from Cassie Morien, director of strategy and homeowner insights analyst for Modernize; Megan Wolfe, director of client strategy & development for Modernize; Bobby Vickers, chief marketing officer for Brennan Enterprises; and Briana Hetherington, a business consultant for Bath Pros of NJ. Industry experts advised how contractors can implement strategies for connecting with customers and mitigating their stressors in the face of inflation and other taxing current events. An exclusive eBook is also available and free to access.

Morien is available to discuss the survey results in detail.

About Modernize Home Services

For more than 17 years, Modernize Home Services has been a leader in the home improvement and services industry, connecting homeowners with contractors and other home services professionals. Modernize operates in more than 15 high-value, high-consideration home segments, including new and replacement windows, solar installation, roofing, heating and air conditioning, siding, bathrooms and kitchens, new and replacement gutters, home security, and others. The business brings a network of more than 1,000 contractors and professionals across all segments, offering broad geographical coverage and choice for homeowners.

Modernize Home Services is owned and operated by QuinStreet, Inc. (Nasdaq: QNST), a leader in providing performance marketplace technologies and services to the financial services and home services industries. QuinStreet is a pioneer in delivering online marketplace solutions to match searchers with brands in digital media. The company is committed to providing consumers with the information and tools they need to research, find and select the products and brands that meet their needs. Modernize.com is a member of QuinStreet's expert research and publishing division.

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Media Contact

Jacqueline Leppla
Senior Director of Brand Marketing
QuinStreet, Inc

Direct +1 650 578-7609
Cell +1 775 842 9048
Email: jleppla@quinstreet.com
LinkedIn

 

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SOURCE Modernize.com

FAQ

What are the main findings of the 2022 Homeowner Sentiment Report by Modernize?

The report found 86% of homeowners express stress over rising costs and economic factors, with 50% planning projects in the next six months.

How have homeowner stress levels changed according to Modernize's report?

61% of homeowners reported high stress levels regarding home decisions, significantly affected by rising costs and project management complexities.

What percentage of homeowners plan to seek financing for home improvement projects?

Almost 80% of homeowners would like to finance part or all of their upcoming projects.

What are the top concerns among homeowners regarding home improvements?

The top concerns include high costs of supplies, lack of confidence in budgeting, and feeling overwhelmed by project management.

What insights does the Modernize Homeowner Sentiment Report provide for contractors?

Contractors can understand homeowner stressors and decision-making processes better to tailor their services effectively.