2022 was an exciting year that brought a variety of economic shocks. Of course, 2022 was the only time consumer spending patterns could return to pre-pandemic levels. They did return. Travel freedom was restored, and, at the very least, consumers were willing to pay more cash on flights and gas in exchange for a fun time away from home.
What about 2023? Did everyone satisfy their itch to travel? It’s looking as if it will. With rumors of a recession possibly forming in the coming months, 2023 could be the year that sees staycations returning, helped by newly-renovated outdoor living areas with a gorgeous newly constructed pool. In the same vein, when it comes to collections, when will prices decrease? Do homeowners need to be prepared for a sudden price drop? Let’s find out.
When Will Pool Prices Go Down?
Since 2023 is a new year, and the price has just been announced, it’s far too early to make predictions about pricing with any certainty. However, it’s plausible to conclude that the further we are from the outbreak, the more supply chain problems will be addressed.
This is good news for anyone looking to invest in improving the house. Although there is a chance of a recession in the year 2023, the reduction in demand for goods and other supplies could help lower costs.
However, several crucial issues will affect consumer spending habits. First, as conditions improve, energy prices are expected to rise shortly. Unsurprisingly, the higher energy prices mean that people are more cautious about traveling far away from home. Mortgage interest rates are predicted to continue to climb up. This means many homeowners will likely stay in their homes to take advantage of the historically low-interest rates on mortgages they secured before 2022.
So what do all these factors mean for those who want to try to lock in the best prices for a home improvement project, such as installing/remodeling a pool and expanding their outdoor living space? There is still uncertainty about the favorable and less-than-ideal economic conditions of the year ahead. We believe that people should not wait for prices to drop before investing in an outdoor home renovation project.
There’s No Place Like Home
The most significant benefit of owning a home is that it will always have the potential for growth in terms of performance, fun, and value. Many dreams of having a fantastic backyard that offers endless hours of relaxation and enjoyment, and 2023 could be the year that will achieve this dream.
After two decades of remaining at home, many families finally had the chance to satisfy their travel bug. This, in conjunction with the soaring energy costs expected to rise in the summer season in 2023, could make families more open to searching for ways to entertain themselves without leaving the comfort of their homes. Additionally, as even a small mortgage interest rate hike of 1% or 2% could add significant amounts to a mortgage’s monthly payment, homeowners are likely to be focused on their home’s potential to be a place of relaxation and entertainment rather than searching for a new residence.
Investing in Your Home and Family Memories
Families planning their family-friendly activities in 2023 often think about creating memories that last with their beloved children. Having all the excitement a family can desire in the comfort of one’s backyard is possible. It’s unnecessary to travel for hours in a car to get to a famous amusement park and then stand in a line, waiting to be seated for a 10-minute amusement ride.
It is unnecessary to put your health at risk when you go on a cruise which could be a good idea, but it could still lead to illness. While these activities may provide an opportunity to change your routine and a more relaxing daytime experience, your backyard oasis could keep the fun going throughout the summer.
If you’re a parent (or even in the absence of children), the backyard pool can play many functions that can result in a successful summer vacation. Pools provide an array of fun physical activities for children and adults. Swimming for pennies at the pool with your family, engaging in Marco Polo with friends, or gathering with family or neighbors for a barbecue with chocolate s’mores to eat, are just a few of the activities a pool provides the ideal place to play. Equally important, families and friends will cherish memories of these unforgettable occasions for a long time to follow.
However, some might be tempted to postpone their outdoor plans in search of the perfect time when prices for swimming pools will drop. This is a risk of missing out on the chance to create memories with your loved ones. Your best bet for 2023 is to weigh the benefits of an outdoor oasis against the cost difference you could (or might not) be experiencing by waiting to begin.
