Both homeowners and homebuyers appreciate the look and feel of hardwood flooring. Shifts in the housing trends affect that level of appreciation and increase the popularity of certain wood flooring. Get an inside look at the hardwood flooring market by considering current housing trends.
When the Housing Market Declines
Declining housing markets make it difficult to sell your home. And when homes are not selling, many homeowners invest in home improvements. Upgrading from carpet to hardwood flooring is one of the most popular home improvement projects, increasing property value and enhancing the look and feel of a room. Homeowners also invest in exterior and interior upgrades to help their home stand out in a flooded market. This results in increased sales across the hardwood flooring market, but those increases may only occur in certain product lines. Laminate and engineered hardwood flooring cost less than solid hardwood, but provide a similar upscale look. Homeowners looking to put their house up for sale in a declining housing market may be more inclined to invest in these types of flooring to achieve a better return on their investment. Some types of hardwood flooring, such as bamboo and cork, are considered green alternatives. Homeowners looking to improve their current home and have a better impact on the environment turn to these flooring alternatives.
When the Housing Market is on the Rise
Improvements in the housing market may also trigger an increase in hardwood flooring sales, as more homeowners demand the strength, durability and warmth of wood floors in their new home. A rise in new home construction tends to be echoed by a rise in the overall hardwood flooring market. Mid- to high-end new builds often call for hardwood flooring, and many homeowners offer it as a reasonably priced upgrade. Upward trends in the housing market may also trigger a spike in hardwood flooring sales as homeowners invest money into their property through home improvements. Common upgrades include replacing vinyl and carpet with high-end exotic hardwood flooring like Brazilian Black Tiger or Asian Walnut Acacia. These products create a fresh feeling for buyers moving into older homes and attract browsers in new builds.
Redecorating and DIY Trends
Redecorating is another housing trend that spreads into the hardwood flooring market. Popular television shows and websites influence the redecorating market, causing ripple effects to move across the flooring market. Lately these influences have made waves in pre-finished hardwood flooring, a product that provides an exceptional appearance and impressive longevity. Quality pre-finished hardwood comes in a wide range of finishes, and can last the entire life of the home without any need for replacement. This attracts many interior designers and homeowners searching for a unique look and reliable products. The DIY trend continues to rise, and hardwood flooring manufacturers and retailers are responding with easy to install products. Click lock engineered hardwood can be installed anywhere in the home with standard tools and limited skills. This housing trend has influenced packaging and manufacturing within the hardwood flooring market, allowing for greater selection for both DIY enthusiasts and hardwood flooring installers. The hardwood flooring market remains closely aligned with housing trends. As housing markets move up and down, the demand for hardwood flooring shifts as well. Through it all, discerning homeowners recognize the value of this quality product and continue to opt for warm, attractive flooring.