Low Housing Inventory a Boon for Home Improvement
Across the country, the number of single family residential homes for sale has dropped steadily over the past few years. Demand, meanwhile, has remained steady or even increased. This means that homes are selling faster, and for higher prices. However, it has also stimulated a boom in the home improvement market. According to the Harvard University Joint Center for Housing Studies, Americans will spend $316 billion on home improvement projects in 2017. That’s an increase of almost $100 billion over 2009, at the height of the great recession. What does more home improvement mean? You guessed it — time for a roll off container rental!
So why has this drop in housing inventory triggered a trend of more Americans taking on home improvement projects? Experts have a few theories. Stephen Holmes, a Home Depot spokesman, believes that when people have more value in their homes, they’re more likely to drop the cash on improving them. Another reason is that more seniors are choosing to stay in their homes, and need to make repairs and upgrades rather than selling. Another study by the folks at Harvard found that around 75% of those age 80 and older still live in their own homes. Likewise, few baby boomers have plans to move out. According to a study by realtor.com, 85% percent of baby boomers do not plan to sell their home within the next year. What all this means is that it’s a good time for home improvements, and that’s not changing any time soon!
Since low inventory has created a seller’s market, home improvements are also a great way to add value to your home if you’re planning on selling. We have a few posts here you can check out for some ideas on where you should focus your efforts to get the most bang for your buck.
Whether your project needs a 15 cubic yard container, a 12 yard, or junk hauling service, give us a call. We’ll take care of all your roll off container rental needs.