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.