Wait Around On Inventory Or Buy A Fixerupper

Dated: 04/23/2019

Views: 918

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

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

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, let’s get together to help you find a house with the potential to be your dream home!

 

Latest Blog Posts

Wait Around On Inventory Or Buy A Fixerupper

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

Read More

Relationship Advice For Selling Your Home

Let’s imagine for a moment, that our homes were able to date. By dating, I mean courting, talking, “seeing someone” or whatever term culture likes to use to describe the humble beginnings of a

Read More

So God Made A Farmer

"So, God made a Farmer" has always intrigued me. The idea that, after the 7 days God used to create everything we know, He took the 8th day to create something extra special - a farmer. A

Read More

Steps To Being Ready To Buy In 2018

So you have decided you are ready to buy your first home.... Now what? Buying a home can be a stressful, yet rewarding experience. There is nothing like the pride of home ownership. Here I

Read More