Home improvement sales taking off in 2012
Posted on Tuesday, October 2, 2012 at 4:38:23 PM
Following the darkest days of the recession, many homeowners determined that investing in their current house was the smartest financial decision. Attaining a mortgage during this time was often difficult and the real estate market was in turmoil. Consequently, many property owners instead looked toward altering their house to fit their needs using home improvement financing.
According to results from a recent IBM Smarter Commerce study, online purchases of home-related goods surpassed back-to-school-shopping for many American families this summer. The increased interest in home improvement projects is resulting in an overall rise in earnings for the industry.
USA Today reports that Home Depot achieved its highest quarterly earnings report last month for the past five years at $1.5 billion. The increased profits are being seen by mega-home improvement giants like Home Depot and smaller, mom-and-pop enterprises.
"People are choosing not to move into a new house, and instead re-invest in their homes," IBM global strategy program director Jay Henderson told the news source.
Housing experts predict that this increased interest in home improvement projects will continue into 2013.