FOSTER CITY, Calif.,
Aug. 13, 2020 /PRNewswire/
-- Modernize, a QuinStreet (Nasdaq: QNST) company
and leader in the home improvement and services industry,
connecting homeowners with contractors and other home services
professionals, today announced the results of its latest homeowner
sentiment report. Among its most prominent findings is an increase
in the number of homeowners who embark on new home improvement
projects without first creating a budget.
Modernize's homeowner sentiment survey is an ongoing, long-term
study of how homeowners research and evaluate home improvement
projects such as window replacement, roofing, solar power, and
heating and air conditioning. The study covers how homeowners'
budget for their improvement projects, how they find and select
their preferred contractor, and how they plan to pay for their
projects.
"The information, insight and guidance that an experienced
contractor can offer a homeowner, in an unbiased and helpful
manner, can make all the difference in securing a major improvement
project," observes Gregg Hicks,
Modernize vice president. "Our research shows that homeowners are
at a deficit when they're considering a home upgrade. They want a
trusted partner, which is exactly what professional contractors can
and should be."
Key homeowner survey findings
Modernize's report,
available in a downloadable eBook, reflects information from more
than 3,000 consumer and trade surveys completed in late 2019 and
early 2020. The results are based on survey responses from over
12,300 homeowners. Results show:
- Across all trades, 79% of homeowners do not create a budget
for their project. This is an increase from 75% in 2019
and was highest among those considering a solar panel project, with
89% reporting no up-front budget.
- Family and friends are less often the primary source of
budget assistance (32% in 2020 vs. 41% in 2019). About 30%
use online tools and cost calculators.
- After price, expertise is the most important factor in
selecting a contractor. Twenty-six percent (26%) reported
expertise as a critical factor in 2020, up from 19% in the 2019
survey.
- A majority of homeowners (53%), across trades, spend 1-5
hours researching their project before submitting a
lead. Approximately 30% of homeowners spent zero hours
before requesting that a contractor contact them.
- This year, 75% of homeowners plan to finance at least
part of their project, with 30% of those respondents intending to
borrow the project's entire cost. This is an increase from
23% financing their entire project amount in 2019.
Webinar
In addition to the downloadable eBook,
Modernize will offer a free webinar today, Thursday, August 13, at 1
p.m. CST to discuss the latest Modernize Homeowner Sentiment
Report findings and their implications for contractors in the
window replacement, roofing, HVAC, and solar industries. The
webinar will be hosted by Modernize co-founder Chris Pallatroni, along with noted author and
construction business expert Shawn Van
Dyke. Gregg Hicks, Modernize
vice president, will be joining as a panelist to further discuss
survey insights.
A copy of the webinar materials is available for download
(https://modernize.com/contractor-resources/55930/webinar-homeowner-project-preferences-survey-results).
About Modernize
For more than 15 years, Modernize has
been a leader in the home improvement and services industry,
connecting homeowners with contractors and other home services
professionals. Modernize operates in more than 15 high-value,
high-consideration home segments, including new and replacement
windows, solar installation, roofing, heating and air conditioning,
siding, bathrooms and kitchens, new and replacement gutters, home
security, and others. The business brings a network of more than
1,000 contractors and professionals across all segments, offering
broad geographical coverage and choice for homeowners.
Modernize is owned and operated by QuinStreet, Inc.
(Nasdaq: QNST), a pioneer in delivering online marketplace
solutions to match searchers with brands in digital media.
QuinStreet is committed to providing consumers and businesses with
the information and tools they need to research, find and select
the products and brands that meet their needs.
Company Contact:
Jacqueline
Leppla
Senior Director of Public Relations
QuinStreet, Inc.
Direct +1 775 321 3608
Email jleppla@quinstreet.com
LinkedIn
Twitter: https://twitter.com/ModernizePros
Facebook: https://www.facebook.com/modernizepros
Media Contact:
Morgan
Wolfe
SSPR
Office 719 581 7111
Mobile 719 310 4930
mwolfe@sspr.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/more-homeowners-than-ever-start-improvement-projects-without-budgeting-according-to-modernize-survey-301111845.html
SOURCE Modernize.com