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Welcome to the Neighborhood: Moving and Redoing

As the DIY trend continues to grow, new homebuyers are visiting your stores and tackling projects on their own. In fact, according to the National Association of Realtors, over half of homebuyers completed a home improvement project within three months of purchasing their houses, spending an average of $4,550 on those projects. About 5.1 million existing homes sold in 2013, and homebuyers spent an estimated $23.2 billion on home improvement projects.

The data below, gathered by Porch, an organization that aggregates home improvement statistics, takes a closer look at what often happens once the moving trucks leave. The projects listed are the most popular in each region for homebuyers to complete after purchasing a home. . Porch analyzed 675,000 projects finished between January 2011 and March 2014   and calculated average costs and returns on investment for the projects, as seen in the chart below.

February Graphic 2

Applied to Retail: Provide a discount to new homeowners that visit your store within the first months of their move. Make a “Welcome to the Neighborhood” kit that is distributed to new neighbors, which not only welcomes them to the area, but also familiarizes them with your store. Get other local retailers involved by asking them to add promotional material to the kit. Once new homeowners are in your store, use the Return on Investment data to show them that investing in projects provides high returns and adds to the overall value of their house.

To view the Porch report, click here.

 

About Sara Logel

As NRHA’s market research analyst, Sara conducts organic research and stays abreast of industry trends to help hardware retailers better run their business. Sara also contributes to editorial content in Hardware Retailing magazine. Sara received her B.S. in Marketing and Spanish from Butler University and, after graduation, began her career with NRHA. Sara enjoys traveling, being outdoors and exploring the city of Indianapolis.

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