Source: National Association of Home Builders
A recent NAHB survey of professional remodelers shows the negative effect the coronavirus pandemic is having on the decision to remodel. More than 90% of remodelers in the survey reported a slowdown in both the rate at which inquiries are coming in, and in the general willingness of home owners to remodel at this time.
While 96% of remodelers said the virus was hurting the rate at which inquiries are coming in, a full 70% characterized the negative impact on inquiries as major rather than minor.
The survey listed eight possible impacts of the coronavirus on the remodeling market. More than 80% of respondents said the virus was having a noticeable effect on:
- Home owners’ concerns about interacting with remodeling crews (86%)
- Supply of N95 respirator face masks (84%)
- Cancellations or delays of existing projects (84%)
In some respects, the impact of the coronavirus on the remodeling market mirrors what we’re seeing in the market for new homes. In both cases, the pandemic is having a number of significant adverse effects, but the strongest ones are the negative impacts on the behavior of potential customers.
NAHB Senior Economist Paul Emrath provides more details in this Eye on Housing blog post.