Craftsman Tools [1], now a subsidiary of Stanley Black & Decker, [2] has released the results of a new survey, entitled the Home Field Advantage Survey, of customers which found that more than half of Americans are now unwilling to put their homes on the market for one reason or another due to the relatively high-interest rate environment the market is currently experiencing which has led to the fact that now two-thirds of homeowners are planning on making DIY home improvements in the near future.
Homeowners, who are fearful or unwilling to give up pandemic-era interest rates in the 2-3% range, are affecting the home tool market due to more people willing to take up the hammer to do a DIY renovation to save money over hiring a general contractor or other specialist.
By the numbers, 65% of homeowners believe that home improvement projects are a viable alternative to putting their home on the market and finding a new one that better aligns with their current and future needs.
The Craftsman Home Field Advantage Survey also unveiled a variety of insights that are steering home improvement trends this year:
- The reason for the project: The primary reasons for a home improvement project are to create more comfortable living environments (52%), to enhance the aesthetic appeal of their home (50%) and to improve overall home value (47%).
- The most popular areas for improvement: The most commonly considered projects include painting (51%), bathroom improvements (44%) and kitchen improvements (41%).
- The desired budget: More than half of homeowners (54%) surveyed say their approximate budget for their home improvement project is $5,000 or more, and over a third of homeowners (37%) say their budget is more than $10,000. However, those who have refinanced their mortgage in the past three years have a much higher budget with nearly 2-in-3 (64%) saying their approximate budget is more than $10,000.
- The timeline: 3-in-5 homeowners (60%) say they have tried to execute a home improvement project themselves in the last 12 months, while 2-in-3 (66%) say they plan to make home improvements in the next six months to a year.
- The tools homeowners want to use: When it comes to sourcing tools, 64% of homeowners surveyed show a tendency to buy the necessary tools rather than borrow.
- The challenge homeowners face: More than 2-in-5 homeowners (44%), particularly millennials (63%), admit that they have given up on taking on a project altogether due to a lack of necessary tools. Most homeowners attribute their lack of tools to the cost of tools (47%), having a limited knowledge about which tools are needed (36%), or a fear of not using the tools often enough (50%).
“We set out to further explore the impact today’s housing climate has on Americans, and found that many homeowners would rather roll up their sleeves to tackle home improvement projects on their current home than give up their coveted low-rate mortgages for a new home,” said Doug Redpath, President, Hand Tools, Accessories & Storage, Stanley Black & Decker. “Whether it’s a kitchen revamp, built-in closets, or building a backyard oasis, CRAFTSMAN has the tools homeowners need to transform their current home into their dream home.”
Click here [3] to see the report in its entirety.