IS RENOVATING YOUR DREAM HOME IN YOUR FUTURE?

Dated: 04/24/2019

Views: 207

With Inventory Low: Will Your Dream Home Need Some TLC?

 

According to a new survey from Move.com, the wave of first-time homebuyers hitting the market this summer has resulted in an interesting statistic. Nearly 60% of buyers searching for a home this spring are willing to consider buying a fixer-upper, with 95% believing that the projects needed will increase their new home’s value!

 

Realtor.com’s Chief Economist, Danielle Hale, pointed to low-inventory at the entry-level price range for the increase in willingness to renovate.

 

“The combination of rising home prices and limited entry-level homes for sale is prompting many home shoppers to consider homes that need renovating.

Replete with inspiration at their fingertips – like Pinterest, Instagram, and various home renovation TV shows – some home shoppers are comfortable tackling home renovation jobs to find a home that balances their needs with their budget.”

 

Just over half of all respondents who said they would be willing to buy a home in need of some TLC, would also spend more $20,000 to make the home fit their needs.

 

The most common ‘expected’ renovation is a kitchen remodel which can run anywhere from $22,000 for a minor remodel to $66,000 for a major remodel.

This isn’t a new trend by any means. According to the Joint Center for Housing Studies at Harvard University,home improvement project spending reached a new high in 2018.

 

“Americans spent $336.9 billion on remodeling projects, up 7.4% from the $313.6 billion a year earlier.”

 

Home renovation television shows have given many buyers hope that they could renovate a home they can afford into their dream home!

 

Bottom Line

If you are one of the many Americans considering buying a home this spring, meet with a local real estate professional that can help you find a house with the potential to be your dream home!

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Karla Osmun

Karla Osmun is dedicated to realizing the real estate visions of families and investors. In the real estate business since 2004, formerly licensed in Hawaii and now in Arizona, Karla has a keen eye fo....

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