July 16th, 2019
In this market, have you been focusing on cash-out refinances with your clients? Well, you definitely should be, because homeowners are upping their home improvement spending and you’ve got the funds they need to get ‘er done. According to HomeAdvisor’s recent State of Home Spending Report, American homeowners have increased their spending on home improvements by a whopping 17% since last year, and they’re now spending more money on improvements than maintenance (by a 5:1 ratio). They report shows that in 2018, homeowners spent an average of $$7560 on home improvements, as well as an average of $1105 on maintenance and $416 on home emergency costs. Homeowners cited replacing or repairing damage, decay, and defects as their main reason for their home improvements.
We talk all the time about the opportunities home improvements open up for our business, and the data suggests that people are increasingly needing and wanting to make them. Leverage this in your business by digging into the details of your customers’ home improvement desires and needs, and keep providing options with real, tangible solutions.