Modernize Home Services, a leading provider of marketing
services for home improvement contractors, has released its 2022
Homeowner Sentiment Report results. In this recent survey of over
23,000 homeowners considering home improvement projects, Modernize
notes significant stress and deep concerns regarding the rising
costs of goods and services.
AUSTIN,
Texas, Aug. 11, 2022 /PRNewswire/ -- This
summer, Modernize Home Services released its annual Homeowner
Sentiment Report findings, resulting from a recent survey of more
than 23,000 homeowners. Respondents shared their thoughts on
preparing for home improvement projects, budgeting, pain points,
and more. The 2022 Homeowner Sentiment Report includes a special
set of questions regarding homeowner stressors, such as surging
prices, a potential recession, supply chain backlogs, and political
unrest. The results indicate that 86% of homeowners consider at
least one of these factors to be the cause of their stress.
Modernize strives to understand how homeowners and their home
improvement decisions are being impacted by recent events.
Each year, Modernize conducts an extensive survey of homeowners
to provide insight into what drives them to start home improvement
projects. These results offer homeowners an insight into how
they compare to others considering home improvements and help
contractors better understand their customers to best support them.
The results are compiled and compared by trade and weighed against
previous surveys.
Important Homeowner Insights
- 37% of homeowners plan to spend 1-5 hours on research before
hiring a professional and 43% plan to spend at least 6 hours on
research before hiring.
- 24% of homeowners use home improvement websites like Modernize
when researching their upcoming projects.
- The majority of homeowners (83%), across trades, have not
created a budget. If they do, they are not confident in it; 73% are
either somewhat or not confident at all in their budget. 41% of
homeowners with a budget found online articles and tools to be
helpful.
- Almost 80% of homeowners would like to finance part, if not
all, of their project.
- This year, only 32% of homeowners have had to cancel or pause a
project, down from 45% last year. This year, however, the reason
for most cancellations (74%) is cost.
- 50% of homeowners plan to pursue additional projects in the
next six months, up from 38% in January
2021. 11% plan on spending more than $11,000.
- Almost half of homeowners use recommendations from friends to
find a contractor. Social media (8%) is up 2% from last year.
- 87% of homeowners will compare 2 or more quotes or bids ahead
of selecting a professional.
- The top three factors, other than price, for selecting a
contractor for a project are online ratings/reviews, expertise, and
references.
- The two top attributes of a contractor's sales process making
homeowners least likely to hire him/her are tardiness and lack of
communication.
Homeowner Stress Levels Special Report
- 61% of homeowners selected that their levels of stress about
decisions relating to their home as "more than I can handle" and "a
lot of stress, it's tough to manage."
- Homeowners looking to complete a roofing project (75%) with
Modernize are the most stressed trade.
- 57% of homeowners believe the level of stress today is
"somewhat worse" to "much worse" than at the start of the COVID-19
pandemic in 2020.
- Almost 70% of homeowners said the biggest barrier to their home
improvement projects is the "high cost of supplies." An additional
14% said it is "coping with managing the whole project."
- 45% of homeowners across trades agreed completely with the
statement, "I just feel overwhelmed by everything that would have
to be managed for this project."
The Modernize team recently hosted a webinar on Friday, July 29 reviewing the survey results. The
webinar included participation and expert insight from Cassie Morien, director of strategy and
homeowner insights analyst for Modernize; Megan Wolfe, director of client strategy &
development for Modernize; Bobby
Vickers, chief marketing officer for Brennan Enterprises;
and Briana Hetherington, a business
consultant for Bath Pros of NJ. Industry experts advised how
contractors can implement strategies for connecting with customers
and mitigating their stressors in the face of inflation and other
taxing current events. An exclusive eBook is also available and
free to access.
Morien is available to discuss the survey results in detail.
About Modernize Home Services
For more than 17 years, Modernize Home Services has been a
leader in the home improvement and services industry, connecting
homeowners with contractors and other home services professionals.
Modernize operates in more than 15 high-value, high-consideration
home segments, including new and replacement windows, solar
installation, roofing, heating and air conditioning, siding,
bathrooms and kitchens, new and replacement gutters, home security,
and others. The business brings a network of more than 1,000
contractors and professionals across all segments, offering broad
geographical coverage and choice for homeowners.
Modernize Home Services is owned and operated by QuinStreet,
Inc. (Nasdaq: QNST), a leader in providing performance
marketplace technologies and services to the financial services and
home services industries. QuinStreet is a pioneer in delivering
online marketplace solutions to match searchers with brands in
digital media. The company is committed to providing consumers with
the information and tools they need to research, find and select
the products and brands that meet their needs. Modernize.com is a
member of QuinStreet's expert research and publishing division.
Twitter: https://twitter.com/Modernize
Facebook: https://www.facebook.com/modernizehome
Instagram: https://www.instagram.com/modernizehome/?hl=en
Media Contact
Jacqueline Leppla
Senior Director of Brand Marketing
QuinStreet, Inc
Direct +1 650 578-7609
Cell +1 775 842 9048
Email: jleppla@quinstreet.com
LinkedIn
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SOURCE Modernize.com