While differing in the specifics, both the Leading Indicator of Remodeling Activity (LIRA) released in October by the Remodeling Futures Program at the Joint Center for Housing Studies at Harvard University and the latest Residential Remodeling Index (RRI) released by Metrostudy/Zonda point to a potentially challenging outlook for remodeling pros and homeowners alike in 2020. The LIRA is projecting a 0.3% decline in home improvement/maintenance spending, while the RRI indicates a 2% growth in remodeling activity for 2020 versus the 3.2% growth in 2019.
With predictions ranging from essentially flat to smaller growth, there should still be plenty of opportunities for those who understand the underlying trends and how best to take advantage of them.
Focusing On The Dynamics Of A Stationary Market
The traditional driver for remodeling activity has been people buying homes, and remodeling their new homes to suit their tastes and needs. However, while mortgage rates are historically low, we’re seeing a general shortage of existing homes for sale together with a lack of new construction.
This is driving up home prices while also discouraging homeowners from selling because there are no move-up homes available. Yet, even as this remodeling market has slowed down, another one is heating up – homeowners who are staying put.
As home prices increase, so does an existing homeowner’s equity. Low mortgage rates and increased equity make it more attractive for current homeowners to turn some of that equity into cash for remodeling, especially since they’re staying in their homes considerably longer now. This should stimulate remodeling demand, but it remains to be seen by how much.
For remodeling professionals, even as the market shift offers new opportunities, the overall forecasts will mean more intense competition for individual projects. Fortunately, there are three ways ProSource Wholesale® can help give you an edge in capitalizing on more of these opportunities for 2020.
Carve Out More Business With A Creative Edge
Trade professionals know that prospective clients want to be wowed with an amazing presentation that addresses all of their budget, style and function needs in a fresh, exciting way. And that wow factor starts with the array of product choices in your local ProSource showroom or through our online catalog. This includes an unprecedented selection of the latest trends of flooring, kitchen and bath products.
For homeowners, the ProSource website offers fresh product ideas to consider in their next remodeling project, including inspirational images of completed projects, articles focused on styles and trends, and a vast product catalog embracing all categories that match any design taste.
Cut Waste With An Efficiency Edge
There is something to be said for working smarter in managing your time and resources. In addition to saving you time and money with one-stop shopping with a multitude of products at wholesale prices, ProSource Wholesale also offers trade pro members a free online account through myProSource. This enables you to create a profile to attract new clients, track estimates and orders, collaborate with clients on their projects online, and publish photos of your work to inspire prospective customers.
With the trade pro app, you can take your ProSource business wherever you go. It provides an on-the-go view of orders and estimates (past and present) — including approving them when needed, push notifications of status changes, and secure payment options through your mobile device.
For homeowners, a free myProSource account is an online gateway to track, craft and share their remodeling project, including requesting estimates. Family and friends can be invited to watch the project unfold with posted photos. If needed, a request can be submitted to connect with a ProSource trade pro member who can transform visions into reality.
Go After Bigger Projects With A Financial Edge
Want to focus on remodeling rather than tracking payments? Want to access larger credit lines to go after bigger projects? ProTrade Credit™ is a service that’s exclusive to our members. It professionally manages your commercial credit and enables confidence to take on bigger jobs and accept extended payment timelines. It can also give you access to larger credit lines to meet your needs.
From online account access to review accounts and track jobs to flexible payment options and invoice creation, ProTrade Credit can help better control cash flow, allowing you to focus more on your remodeling projects and worry less about your finances.
For homeowners, consumer credit is available with the ProSource Project Card. It offers 12 months of no interest financing (if paid in the full within the first year) for when a project can’t wait. In addition, there’s no annual fee and access to special offers throughout the year.
Tomorrow’s Success Starts Today
Whether you’re a trade professional or a homeowner, get the edge for success in the 2020 remodeling market by connecting with ProSource today, either online or visiting your local showroom.
2020 May Be A Challenging Year For Remodelers, Yet Opportunities For Success Are Available By Partnering With ProSource Wholesale
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