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

According to a newsurvey from Move.com, the wave offirst-time homebuyers hitting the market this summer has resultedin an interesting statistic. Nearly 60% of buyers searching for ahome this spring are willing to consider buying a fixer-upper, with95% believing that the projects needed will increase their newhome’s value!

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

“The combination of rising home prices and limitedentry-level homes for sale is prompting many home shoppers toconsider homes that need renovating.

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

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

The mostcommon ‘expected’ renovation is akitchen remodel which can run anywhere from $22,000 for a minorremodel to $66,000 for a major remodel.

This isn’t a new trend by any means. According tothe Joint Center for HousingStudies at Harvard University, homeimprovement project spending reached a newhigh in 2018.

“Americans spent $336.9 billion on remodelingprojects, up 7.4% from the $313.6 billion a yearearlier.”

Home renovation television shows have given many buyers hopethat they could renovate a home they can afford into their dreamhome!

Bottom Line

If you are one of the many Americans considering buying a homethis spring, let’s get together to help you find a house withthe potential to be your dream home!