Real Estate News
Blog-Real Estate With Dan
My Featured Properties
Advanced Property Search
Interactive Map Search
Find Your New Home
New Home Communities
Find Rental Request
Rentals in Northern/Central Brevard
Rentals in Southern Brevard
What's Your Home Worth
Home Value Request
Thinking of Selling?
Tips for Selling Your Home
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!
If you are one of the many Americans considering buying a home this spring, meet with a local real estate professional who can help you find a house with the potential to be your dream home!
Want to Know How Much Your Home is Worth?
Get Your FREE Home Market Analysis Report Right Now!
YES, SHOW ME NOW
What's Your Home Worth
Glossary of Terms
904 Hunt St NW
Palm Bay, FL 32907
Copyright © 2020 Mcwrightrealty.com
Copyright © 2007-2020 Ultra Agent. All rights reserved.
Real Estate Agent Websites