Two of the nation’s top home improvement retailers reported this month that consumers are spending less on big-ticket projects.
Americans are delaying their home renovation plans and opting for more affordable options amid high borrowing costs and a housing market recovery that has yet to materialize.
And homeowners are cutting costs where they can. A quarterly survey from John Burns Research and Consulting published in late April found that among those who are renovating their homes, customers are looking for cheaper alternatives in categories like cabinets, flooring, lighting fixtures, and countertops.
“To replace anything nowadays is just ridiculous,” Poterek told Yahoo Finance in an interview. “You're paying top prices for lumber, interest rates on credit cards, loans, things like that.” “To repair , it's probably going to cost me about $25 to $30 thanks to the people that offered me some suggestions,” Poterek added.
John Burns Discretionary Projects Tim Poterek Remodeling Projects Home Depot Homeowners
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