The current financial climate reflects the bubble of the real estate industry that popped during the economic collapse that began in 2007. During this collapse, home prices dropped, home foreclosures became a terrible reality for millions, and residential construction all but stopped completely. According to the U.S. Census Bureau, the bottom was hit in September 2009. Over the six years since the collapse, moving has not been a viable option for many homeowners. Consumers have been essentially holding on to what they have due to mortgages being underwater.
Home maintenance is a necessity for any homeowner, now more so than ever. Regardless of financial status, consumers will still need to maintain the building envelope of their homes, mechanical and plumbing systems, fix roof leaks, and trim their yards. Consumers today are a much savvier group than they were back in 2007 during the days of excess. People now demand more for their dollar at a much lower cost, making an already difficult market a highly competitive environment. If contractors don’t start looking for an edge, they may fall even further behind the eight ball. Educating contractors who own small businesses can fill the market void, and put confidence back in the residential construction market.