54% of Homeowners Feel It is a Bad Time to Start a Large Remodel Project as of March 2023

Indianapolis, IN, April 17, 2023 --(PR.com)-- Each month, in part­ner­ship with The Farnsworth Group, The Home Improvement Research Institute (HIRI) provides the industry with complimentary updates to the DIY and DIFM Home Improvement Monthly Tracker.

This monthly tracker sur­vey­s home­own­ers to learn what they see, think, and are doing right now in the home improve­ment are­na. Findings also cover how projects are being completed, how often they are delayed, top challenges to starting home improvement projects and more.

As of findings from March of 2023, the majority of homeowners feel is it a bad time to start a large remodeling project. This is defined as any project over $5,000.

The number of homeowners with negative sentiments towards larger remodeling projects has remained constant for the entire first quarter of 2023, ranging from 52-57% each month.

Interestingly, January sentiments were the worst, at 57%, while negative sentiments towards starting remodeling projects costing more than $5,000 has softened over the last 2 months.

Further, the number of homeowners with positive sentiments towards starting smaller remodeling projects remains high, at 44% as of March 2023. This positive sentiment reflects DIY and DIFM attitudes towards any home improvement project under $5,000.

These factors combined signal that repair and maintenance demand will remain high while discretionary projects are liable to be postponed until consumer sentiments surrounding inflation, personal wealth, and cash on hand are improved.

The Home Improvement Research Institute will be unpacking more behaviors and sentiments in greater depth for HIRI members via a data-packed webinar covering findings from our Q1 2023 Home Improvement Project Activity Tracker.

Join us April 27, 2023 to under­stand the degree to which DIY­er home improve­ment activ­i­ty is chang­ing and which home improve­ment projects are tak­ing priority.

Each quar­ter, The Home Improve­ment Research Insti­tute sur­veys 2,000 home­own­ers to under­stand their behav­iors behind home improve­ment activ­i­ties as well as mea­sure DIY and DIFM intent for start­ing future projects. The find­ings from this track­er pro­vide answers to such ques­tions as:

- What home improve­ment projects did home­own­ers com­plete in the 1st quar­ter of 2023?

- What home improve­ment projects are home­own­ers plan­ning in the next 3 months?

Sim­ply reg­is­ter for the webi­nar to gain an under­stand­ing of how home­own­ers are cur­rent­ly approach­ing home improve­ment in 2023. Learn more and register at www.Hiri.org/Webinars.