Positive Pandemic Side-Effect: Home Improvement Boom
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One pandemic side-effect affecting Costa Mesa residential properties got Wall Street’s attention last week. The second-quarter sales numbers were scheduled for release, and the home improvement industry was expecting strong results. Sure enough, come Tuesday, Home Depot weighed in with what MarketWatch hailed as “stellar business performance”—domestic sales growth of 25%.
The following morning, Lowe’s announced “very strong” second-quarter results. They weren’t kidding. With “sales for the home improvement business increasing 35.1%,” modesty would have been inappropriate.
In fact, the big-box giants’ record-breaking flood of commerce reflects the circumstances many Costa Mesa homeowners have been dealing with themselves. Because of the pandemic-spawned disruptions to normal spending patterns (Lowes’ calls that the “wallet share shift”), many newly-housebound residents have turned their attention onto the homes they’ve been spending so much time in. Suddenly, what the industry terms “core repair and maintenance activities” have been getting a lot of attention—and “wallet share.”
The Bank of America speculated on three reasons for the surge. There was the pent-up demand for home improvement projects that had been temporarily put on hold because of COVID-19. Next, there were a whole host of projects suddenly gaining popularity (improving newly activated home offices, building beds for home gardening, enhancing outdoor spaces, etc.). Lastly, BofA cited demand for home improvement projects “pulled forward” sooner than would normally have been the case. They didn’t explain why—but given the wholesale abandonment of many summer vacation and entertainment plans, it probably made sense for many Costa Mesa residents to use the lull to tackle projects sooner rather than later.
Realtor.com seized the moment to recommend DIY projects that get the most return on investment when it comes time to sell. Kitchen cabinets, front doors, backyard decks, basements, storage areas, and “small things” (like leaking faucets and missing light fixtures) all qualified as investment-worthy targets for repair or improvement—as did the broader category of curb appeal.
For homeowners who’ve hesitated to make a move, they are likely to find the market more welcoming than expected. Call us for a comprehensive, no-obligation report on how comparable Costa Mesa properties are performing right now!
We are built on a philosophy of Heritage & Hustle. The L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to The L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact The L3 today at 714-444-4663 or email us at info@thel3.com
