As the number of home buyers in the United States decreases, many homeowners are planning renovations.
Higher home prices and interest rates are slowing home sales in the United States, so home renovations are on the rise, according to the 2023 Home Purchase and Renovation Report, information on recent home buying trends and renovation plans produced in the New Year. The Hanover Insurance Group, Inc.
between research findings and published by PRNewswire highlighted:
- Los Higher Housing Losses and Slower Interest on Home Purchases:69% of respondents looking to buy a home in 2022 were affected by higher prices and interest rates. 28% of respondents looking to buy a home in 2022 decided to stay in their current lifestyle; this could affect the agents who take advantage of the moving business as a source of traffic generation. About those who planned to buy a house in 2012; only 9% of respondents with incomes above $100,000 chose to hire themselves; compared to 21% of respondents with incomes below $100,000.
- Los homeowners, where they are and plan updates:61% of US homeowners are planning home renovations in 2023, with one in four (25%) planning major renovations. 41% of homeowners expect renovations of more than $50,000 and more than half of respondents have a household of more than $100,000. The millennials They are the most emotional of the real estate market and are more likely to make renewals in the next 12 months.
- Third party consumers do not recognize that they need to be informed about the renewal of insurance;A third of homeowners planned major renovations in the coming year (34%) do not think or do not know that they are informed about the insurance company / agent. This is an 8% increase from last year, highlighting the opportunity for independent agents to proactively communicate with clients to educate them on the importance of coverage in the event of a claim.
“As homeowners stay in their homes longer due to housing market conditions, we’re seeing more renovations, increasing home values ​​and conversations primarily between insurance agents and serving clients,” said Richard W. Lavey, president of Hanover Marketing Agency. Hanover.
These trends, he added, if he had ready employees Talk to your clients to make sure their homeowners’ plans are true to the value of their home after renovation; and that their plans are protected in their house which they have made.
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