Local Leaders: Research

Customer Survey Results

Local Leaders, LLC conducted online research in September 2007 to get feedback from affluent homeowners in Massachusetts about their home improvement decisions.

Research Results (www.researchresults.com) surveyed more than 100 homeowners (43% had home valuations of more than $1 million, and 43% had a household income of more than $250,000) and found many in this high-income bracket are not concerned with a slowdown in the US economy. Eighty-four percent said fluctuations in the stock market will not stop them from renovating an existing home or buying a new home. However, as you can see from the graph below, the majority (60%) are considering a renovation project versus buying or building a new home (40%).

In addition, we asked about the most important elements when selecting a high-end service provider like an architect, builder, contractor or designer. Ninety percent ranked "quality of finished product" as the most important element in the selection process. What surprised us the most was "referred by a friend" ranked as one of the "least important" (48%) factors in the selection process. High quality work and "on time and on budget" continue to be the most important elements for the affluent homeowner.

QUESTION 1

Are you more likely to renovate your exsisting home or build/buy a new home?

QUESTION 2

What are the most important elements in selecting a high-end service provider like an architect or builder?

On the least important end of scale were: