Demand Is Likely To Keep On Rising For Contractors And Home Renovators

We seem likely to see a continued increase in demand for contractors and home renovators in Harrisonburg and Rockingham County in 2024.  If you're thinking about getting into the home renovation and repair business -- this might be your time!

There are two main factors that seem to be creating this increased demand for home renovation professionals...

1.  Higher mortgage interest rates are causing plenty of homeowners to decide to stay and upgrade rather than sell and buy.  If you bought a home a few years ago and have a 3.5% mortgage interest rate, you aren't likely to sell your home and buy a new one with a 7% mortgage interest rate just to get that one extra room, or nicer interior finishes, or larger back deck.  You're much more likely to stay in your very nice home -- with a very, very nice mortgage interest rate -- and hire a home renovation professional to help you add a deck, finish a room in the basement, update your interior paint or flooring, and on and on.

2.  The several year period of having multiple offers on every new listing within days (or hours) seems to have drawn to a close.  During those years, home sellers often didn't need to make many updates to the condition of their home before selling it. Now, with the possibility that your home won't go under contract within five minutes, many sellers are evaluating whether to have some repairs or upgrades completed prior to listing their homes for sale.

So... 

1.  If you're in the home renovation business - you'll likely be busy over the next year or two - or more.

2.  If you're a homeowner who is staying - or selling - you might have a slightly longer wait for someone to help you with your home updates.