New Home Construction
While new home construction is exciting and fresh, representing a large amount of the total building materials/products consumed in construction every year, remodel and renovation projects are also a substantial market segment. One that is more of a reality for the average consumer who is often looking to improve and renovate living spaces. According to a new survey from Trulia, 90 percent of all American homeowners planned on remodeling their house at some point in the near future (40% within the next two years).
And, while new homes are modern and clean, on average, they represent just a small amount of yearly total home sales. The National Association of Realtors found in their 2019 Profile of Buyers and Sellers that only about 13 percent of purchases were new homes. Meaning that the vast number of home buyers (87 percent) were purchasing previously owned homes.
One of the big reasons for this? Cost.