2022 was certainly an interesting year as it delivered a mixed bag of economic surprises. Of course, it was the first time consumer spending habits had a real opportunity to return to pre-pandemic levels. And return they did. The freedom to travel was restored, and at least initially, consumers were willing to spend more money on airline tickets and gasoline in exchange for fun far away from home.
So what about 2023? Has everyone satisfied their itch for travel? It’s starting to look that way. With talk of a recession potentially emerging in the upcoming months, 2023 may be the year of the return of staycations, assisted by newly-renovated outdoor living spaces centering around a fabulous new pool. And speaking of pools — when will pool prices go down? Should homeowners hold out for a dramatic downturn in pricing? Let’s find out.
When Will Pool Prices Go Down?
Given that 2023 has newly arrived, it’s a bit premature to make pricing predictions with any degree of certainty. However, it seems reasonable to conclude that the farther we move away from the pandemic, the more supply chain issues should continue to improve.
That’s good news for anyone who wants to invest in improvements around the home. And even though a recession may be a part of 2023, an accompanying decrease in demand for products and supplies may help to moderate prices.
Even so, some important challenges are likely to continue affecting consumer spending habits. Firstly, as the weather improves, energy prices are expected to trend upward once again. Needless to say, higher energy prices mean people will think twice about traveling far from home. Mortgage interest rates are also expected to continue to creep upward. This means many homeowners are likely to remain in place to enjoy the historically low mortgage interest rate they locked in 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/or expanding their outdoor living space? With the uncertainty still surrounding both the positive and the less-than-ideal economic factors of the new year, we think people shouldn’t necessarily wait for pool prices go down before they decide to invest in an outdoor home improvement project.
There’s No Place Like Home
The great thing about owning a home is that it always has the potential for improvement in terms of function, fun, and value. Most people dream of having a beautiful backyard that provides years of fun and relaxation, and 2023 may be the ideal year to make it all happen.
After two years of staying at home, many families were finally able to satisfy their inner travel bug. This, coupled with the high energy prices expected in the upcoming summer travel season of 2023, will likely find families a bit more amenable to the idea of looking for ways to have fun without leaving home. In addition, since even a seemingly small mortgage interest rate increase of 1 or 2% can add a significant amount to a monthly mortgage payment, homeowners are likely to remain focused on their current home’s potential for entertainment and relaxation rather than looking for a new home.
Investing in Your Home and Family Memories
As homeowners plan for family fun in 2023, they often prioritize creating lasting memories with their loved ones. Fortunately, it’s possible to create all the fun a family could want right in one’s own backyard. You don’t have to spend hours traveling in a vehicle to visit a popular amusement park only to stand in line for hours waiting for your turn on a 10-minute-long amusement ride.
Nor is it necessary to risk your health by taking a cruise, which may or may not still harbor the potential for illness.While these activities can provide a desired change of pace, your day-to-day experience with your own backyard oasis can keep the family time going all summer long.
If you have children (or even if you don’t), a backyard pool can play a variety of roles that add up to a summer-long staycation that is winning. A pool provides super-fun physical activities for both kids and adults alike. Diving for pennies in the family pool, playing Marco Polo with friends, or getting together with relatives or neighborhood friends for a barbecue, complete with roasted marshmallows or chocolate s’mores for dessert, are all activities that a pool is the perfect platform for. Just as important, family and friends can enjoy the memories of these special times for years to come.
That said, some may be tempted to delay their outdoor projects in pursuit of the precise moment when pool prices will go down. This approach carries the risk of missing those valuable opportunities to make those memories with family and friends. Your best bet in 2023 is to balance the potential of a backyard oasis with the difference in cost you may (or may not) experience by waiting to get started.
The Next Step
Once homeowners see the practical wisdom in expanding their outdoor living space, the design process can begin. It’s worth taking the time to talk to professionals who specialize in designing truly amazing outdoor living areas.
While you can choose to go conservative or go all the way with your dreamy visions of grandeur, there’s almost no limit to the list of improvements that are available to turn a humble backyard into a fabulous new space, providing fun and entertainment for years to come. When it comes to designing the perfect pool for a backyard, homeowners will be amazed at all the features available for outdoor living spaces, offering a feast for all the senses.
Of course, selecting a pool design that will complement your home is important. With expert design assistance, it’s easier than ever to expand upon the natural beauty already present in your surroundings. Today’s pools come in all shapes and sizes, from gorgeous infinity pools and sleek, modern pools designed to enhance a home’s contemporary design, to pools with features that mimic a tropical oasis. Whatever your poolside vision, there is a pool size and design to make it happen.
A Brand New Space in the Great Outdoors
Great outdoor living design encompasses the entirety of what a backyard has to offer in terms of fun and relaxation. A truly useful outdoor living space may include thoughtful features for dining outdoors, lounging and relaxing both in the sun and the shade, areas to congregate for conversation, a comfortable spot to enjoy a drink before dinner, and more.
Popular choices to achieve these spaces include outdoor kitchen/barbecue spaces, tanning ledges, sound systems, fire pits and fireplaces, outdoor bars, fountains and waterfalls, comfortable deck areas, walkways, fencing for privacy, and beautiful landscaping features that look and smell wonderful.
When a backyard is transformed to include these desirable features, homeowners can increase the overall living space of their home by hundreds, if not thousands of feet, making their home feel more spacious, more comfortable, and more inviting than ever.
Related: Modern Pool Ideas for Every Space
Selecting the Right Partner for Your Outdoor Project
Selecting a partner for a home improvement project involves much more than finding someone willing to give you a positive, albeit uncertain, answer if you ask them, “when will pool prices go down?” Instead, consider your end goals and choose a company whose experience, reputation, and advice aligns with those. The right pool contractor that will honestly assess your situation and help you determine what you can afford and how you can make your vision a reality.
While your primary purpose for expanding the function of your backyard is to add fun and relaxation, it still represents an investment in your home. If you want a good return on your investment, resist cutting corners by hiring an unvetted contractor who promises low prices but ultimately underdelivers in terms of function, quality, and value.
The right partner for your outdoor living space project will come armed with examples and ideas that illustrate the company’s experience. They’ll listen to your ideas for your project and provide you with helpful, inspiring guidance every step of the way. They’ll correctly interpret your desires and translate them into a beautiful vision that will ensure your outdoor project will increase your home’s appearance, function, and overall value at the best prices possible.
The right contractor will seek to maximize every dollar of your budget in terms of product quality, increasing function, and adding aesthetic value. They’ll also ensure your project meets all local building codes, along with any by-laws or other restrictions and keep you informed, so that you can rest assured your backyard oasis is being installed correctly in all areas.
Choose a Pool Installation Partner You Can Trust
California Pools is the ideal partner to help you fulfill your dream of a relaxing outdoor oasis for your home. Our designers love transforming a client’s ideas and desires into a stunning outdoor area that brings true enjoyment and fulfillment to the home’s inhabitants, one home at a time.
If you’re ready to add fun, relaxation, and entertainment value to your home, we’d love to hear from you. Visit us today, and we’ll direct you to the California Pools design center nearest you. We look forward to designing the backyard of your dreams!