A leading homeowner sentiment report shows strong demand for immediate indoor, outdoor, and cosmetic projects
FOSTER CITY, CA, May 19, 2020, PRNewswire – Modernize, a leader in the home improvement and home services industry, announces today the results of their latest homeowner survey related to home improvement project plans and preferences. Survey results show that high demand for contractor services is likely to continue through June of this year, with 41% of homeowners currently in the process of completing a home improvement project already making plans to begin an additional project before July.
Modernize’s homeowner sentiment survey is an ongoing, long-term study of how homeowners research and tackle home improvement projects, such as implementing solar power, replacing windows, installing new roofing, and upgrading heating and air conditioning systems. The survey explores how homeowners budget for their improvement projects, find and select a preferred contractor or remodeler, and plan to pay for their projects.
“Homeowners are increasingly and more thoroughly doing their homework when searching for contractors,” notes Gregg Hicks, Modernize vice president. “Fifty-six percent (56%) of our homeowners report spending between one and five hours researching their home improvement project, which is up from 53% of respondents in 2020.”
In addition to the downloadable eBook, Modernize will offer a free webinar reviewing the most pertinent survey results and their implications for window replacement, roofing, HVAC, and solar industries— as well as interior trades. Details are below.
Date: Tuesday, May 25, 2021
Time: 2:00 pm, Eastern Time
Register and download the eBook: https://modernize.com/contractor-resources/modernize-homeowner-sentiment-report-webinar
Homeowner survey finding highlights
Modernize’s report, available in a downloadable eBook, shows home improvement and home service plans from more than 20,000 consumer and trade surveys completed between January and May 2021.
Notable findings include:
- Seventeen percent (17%) of homeowners expect to spend more than $10,000 on upcoming interior projects, while, 71% of respondents plan to spend $5,000 or less on interior work.
- After price, online ratings and reviews are the most important factor when choosing an interior remodeler. While 26% of respondents value online ratings and reviews, 22% are heavily swayed by references. This is even more important for homeowners seeking contractors, with 37% impressed by online ratings and reviews.
- A majority of homeowners (56%), across trades, spend 1-5 hours researching their project before requesting a quote. However, 20% of homeowners claim to spend no time researching. Prior to the pandemic, 30% of homeowners confessed to doing no research before lead submission.
- This year, 31% of homeowners plan to finance about half of their project. This is an increase from 20% of respondents in 2020.
Poor communication could cost contractors business. Twenty-three percent (23%) indicate that a lack of communication would be the leading reason why they would not hire a given home improvement contractor.
The webinar will be hosted by Chris Pallatroni, of Modernize along with Gregg Hicks, vice president of Modernize.
For more than 15 years, Modernize 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 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 is a member of QuinStreet’s expert research and publishing division.