A recent study reveals what projects new homeowners are undertaking. The Home Improvement Research Institute (HIRI) partnered with market research firm Decision Analyst for the 2020 Recent Home Buyer tracking report. Their goal was to learn more about new homeowners’ DIY priorities.
The report includes responses from 809 people who had purchased their home within 12 months of September 2020. The responses include insight from first-time buyers and people who had purchased homes before. Roughly 80 percent of respondents made some kind of improvement to their homes after purchasing them. On average, those improvements cost $5,000.
The quantity of new homes available for purchase fell to a three-year low in October. That limited supply could drive home prices higher, and may strain the budgets of new homeowners who want to complete DIY projects on their new dwellings. Analyzing which projects are popular among recent homebuyers can help you strategize for continued success in 2021.
For more insights into DIY behavior, contractor concerns and opportunities in the home improvement market, visit HIRI online at hiri.org.