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, let’s get together to help you find a house with the potential to be your dream home!
Where Are Interest Rates Going?
https://bit.ly/2QXMa0O
Days on Market April to June of 2018
Hot Sellers Market is Cooling of as Fall Approaches Stats are for April, May, and June of 2018 Secong Quarter of 2018 (April-June) An article in Realtor Magazine. The fall season is cooling down more than the temperature outside; it's also putting a...
What Are New Home Prices Doing in Utah
Four Reasons to Sell This Fall With Utah Realty
Real Estate Reality Show Myths
https://bit.ly/2w14Wve Have you ever been flipping through the channels, only to find yourself glued to the couch in an HGTV binge session? We’ve all been there, watching entire seasons of “Love it or List it,” “Million Dollar Listing,” “House...
What does Backup Offer Mean
Please keep in mind that most listing status changes must be made within three (3) business days of the date the status change occurs, with the exception of listings which are Canceled (change within 24 hours) and listings which are Sold (change within 5 business...
Mortgage Lending Video 2
Now that you're ready, it's time to get Pre-Approved. Let's take a look at how that works! Find the Right Lender for You! Our Trusted Lenders
Closing The Sale Video 5
Your offer got accepted, CONGRATULATIONS! But don't start moving in yet, there is still the Escrow process which takes an average of 30 days but can be as long as 6 months or as short as 3 days! Our Title People are Real Super Heroes!
The Offer Video 4
It's everything you dreamed of! The perfect size, ideal floor plan, prime location, you have no problem calling this "Home" .... except it's not your's yet. Let's get into the Offer and Negotiation Process! Here's a little tip. Find a real certified...
The Home Search Video 3
Time to start your home search! The best way to get homes you like is to use our Exclusive Home Search Tool! We Bring You Newly Listed Properties When Ever any Broker or Agent in the State Lists a Property!