In the latest installment of the REALTOR® University Speaker Series, Dr. Kermit Baker discussed trends, issues, and the future in home remodeling. For example, what kinds of home designs and remodeling projects are in demand, especially among the largest demographic groups, the baby boomers and millennials? What home renovation projects appeal most to home sellers and buyers?
Dr. Kermit Baker is a Senior Research Fellow at the Joint Center and the Project Director of the Remodeling Futures Program. He is also the Chief Economist for the American Institute of Architects in Washington, D.C.
The live Webinar took place on Thursday, July 16, but if you were unable to attend, you can listen to it here.
Here are some highlights from the presentation and what you may want to be aware of as a REALTOR®:
- There has been a major rebound in homeowner improvement spending in the last 18 months
- By year end, home improvement spending is projected to be near its all-time high
- Home improvement projects vary, based on homeowner discretion, system upgrades, exterior upgrades
- Shifting demographics are changing the home improvement industry
- Recent buyers spend about 25% more on home improvement projects about 2 years after purchasing the home
- Coastal residents and the New Englanders generally spend the most on home improvement spending
Thanks to all who participated, and stay tuned for announcements on the next session of the Speaker Series!