Remodelers are seeing decline in remodeling demand. There are two main reasons for this:
Rising interest rates have curbed refinancing, which traditionally has provided finances for remodeling. Now people don’t have that much free-cash lying around, so they put remodeling in hold.
Slowing home sales affects so that as people are not moving to a new apartment, they don’t have to fix it. Old home is usually in average condition, also seller is not getting any sales profit that could be put into remodeling new home.
However, there is a third trend that supports remodeling. As families’ financial situations become scarcer, they tend to postpone large investments and settle for smaller ones. This tips the scale for remodeling, as it is often cheaper to fix something than buy completely new.