As we close out 2022, we’re ending a year that has seen some of the highest housing prices on record. And, while the market has hit new highs, it’s likely that these will be surmounted as rates are expected to continue to rise moving into 2023. While these conditions are enticing for homeowners looking to profit from a residential sale, it presents unique challenges to the professionals that homeowners turn to when preparing for that sale.
According to the 2022 Annual Pro Shopper survey by the Cleveland Research Company,1 of over 600 pro respondents, 85 percent identify homeowners as the majority of their clients, with remodeling, retrofitting and repairs making up 40 percent of their project work for residential owners. When cross-referencing the average age for homes in the U.S. (44 years old), these statistics pair together to tell a strong story about the current and future state of demand for pro work. They also are tell-tale of the costs incurred as part of this work and the constraints this may place on the pro.