News

The J.D. Power 2024 U.S. Home Insurance Study reveals significant challenges in the homeowners and renters insurance markets, as rising premiums have outpaced inflation and increased customer dissatisfaction. The average shopping rate for home insurance has reached a record 6.8%, with 37% of customers considering new policies due to insurer-initiated rate hikes. This dissatisfaction is evident in the study’s findings, where customers facing rate increases reported an average satisfaction score of 594 on a 1,000-point scale, significantly lower than those who did not experience such increases. Despite the increased shopping…

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In a recent episode of The New Home Insights podcast, Bill Darcy, CEO of the National Kitchen and Bath Association (NKBA), shared insights on the kitchen and bath market, which was valued at $179 billion in 2023. While a slight dip to $173 billion is expected this year due to inflation and labor challenges, the industry remains optimistic. The NKBA’s Kitchen and Bath Market Index (KBMI) indicates a future expansion sentiment despite a recent dip, with the index at 56 for Q1 and 54 for Q2, reflecting cautious optimism among…

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Designed by Etch Design Group and architected by Kelley Design Group, the Great Hills Abode renovation embodies the ultimate “forever” home, blending timeless elegance with modern functionality. The project focused on enhancing curb appeal and included significant additions, such as a spacious butler’s pantry adjacent to a sparkling new kitchen and a luxurious primary suite. Outdoors, a stunning pool and cabana with an outdoor shower were added, creating an ideal setting for relaxation and entertainment. This remodel not only fulfills the family’s deepest desires but also stands as a sanctuary…

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The Economic & Industry Update is a monthly report that consolidates general economic data, housing market trends, and home improvement market insights, primarily using publicly available information for the convenience of its members. Its main objectives include identifying and evaluating key economic indicators to assess their impact on the home improvement sector, analyzing housing market trends to understand their influence on the demand for building products, and investigating shifts in consumer behavior and spending patterns related to home improvement and renovation projects. Read more

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In a significant policy shift, the Federal Open Market Committee (FOMC) has announced a reduction in the short-term federal funds rate from 5.5% to 5%. This marks the beginning of a series of anticipated rate cuts aimed at normalizing interest rates and addressing the evolving risks associated with inflation and the labor market. The FOMC noted that while inflation has shown progress toward its 2% target, it remains elevated. The central bank’s economic outlook projects a slowing economy without a recession, with GDP growth rates expected to hover around 2%…

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In a transformative kitchen remodel, Matt and Andrea Walker Warren revitalized their 1934 Glenrose farmhouse to blend practicality with rustic charm, perfectly accommodating their family’s lifestyle. Collaborating with designer Sadie Lake, they tackled the unique challenges of the existing layout without altering the home’s original footprint. By removing a wall between the kitchen and a narrow hallway, they increased the space significantly, allowing for a central island that facilitates easy movement for multiple cooks. Key features include a dedicated baking zone, a functional “clean-up zone,” and efficient storage solutions, all…

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Youtopia Designs has successfully transformed a dated master bathroom in St. Louis into a serene spa-like sanctuary, moving away from its previous carpet and old oak cabinetry. Owner and principal designer Candice Wideman emphasizes the inviting atmosphere created by the redesign, which promotes relaxation and tranquility. A key feature of this renovation was the removal of a wall between the shower and tub, which not only visually enlarged the space but also enhanced natural light flow, making the shower a stunning focal point with a newly added glass wall and…

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The bathroom vanities market is on a strong growth trajectory, expected to expand from $10.2 billion in 2021 to $18.4 billion by 2031, reflecting a compound annual growth rate (CAGR) of 5.6%. This increase is driven by a surge in home renovation projects, particularly in urban areas, where homeowners seek stylish and space-efficient solutions. As consumer preferences shift towards high-quality materials and contemporary designs, bathroom vanities have transitioned from mere storage units to essential design elements that enhance both functionality and aesthetics. The rise of urbanization further fuels demand for…

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Revive Renovations, a leading Chicago-based home remodeling company, is thrilled to announce the groundbreaking of a new showroom on the Northside of Chicago, set to open in Winter 2024. This state-of-the-art facility will provide a hands-on experience for homeowners, showcasing the latest trends and innovative solutions in home renovation. The new showroom will complement Revive’s existing location in Morton Grove, expanding their reach and solidifying their reputation as a top-tier service provider in the competitive remodeling market. The Northside showroom will serve as a central hub for consultations, allowing clients…

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