Kheyfets discusses how the renovation market, valued at $470 billion, poses challenges for homeowners seeking trustworthy contractors for projects like kitchen and bathroom remodels. With the emergence of AI, Kheyfets highlights its potential to resolve information hurdles, offering personalized insights on costs, design, and project scope. Additionally, he notes a significant uptick in renovation demand, especially in Q1, driven by increasing home sales and homeowners' need to modify spaces due to market conditions and financial constraints, ultimately making renovation a preferred option over relocation.
When I say problems of information, that's things like trying to figure out how much would it cost to go and finish my basement.
We're still in January and we are seeing demand up significantly—about 25% higher than 2024 and 2023.
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