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!
How to Invest Globally in Real Estate
Investing globally in Real Estate requires understanding market dynamics, including rent growth and job creation trends.Tap into local expertise, including brokers, property managers, and market analysts, to gain on-the-ground insights.
Looking to Sell a Home in 2025? Take These 5 Steps
Start by researching and interviewing realtors knowledgeable about your local market before selling.A fresh home makeover, including new paint and flooring, boosts appeal and first impressions.
Homeowner Tax Breaks: All the Ways Your House Can Boost Your Tax Refund
Owning a house in the US is expensive, with rapidly rising home prices and hidden expenses. However, tax credits and deductions for homeowners can lead to a bigger tax refund. Homeowners can take advantage of tax deductions by itemizing their deductions using Form...
How 2025 Trends Fuel Homeownership Potential
Home sales may rise 1.5%, prices climb 3.7%, and mortgage rates stay above 6% despite slight cuts. A historic 11.7% home inventory jump and 13.8% new construction surge mark supply resurgence in 2025.
Buying a Home in 2025? Do 3 Things ASAP!
Mortgage rates are expected to fall in 2025, easing the path to homeownership. As rates drop, more homeowners may sell, boosting real estate inventory and market opportunities.
What is ‘missing middle’ housing, and could it solve Utah’s housing crisis?
Since 2015, 87% of building permits in Utah have been for single-family homes, but experts suggest focusing on "missing middle housing" like duplexes and triplexes to address affordability. Daniel Parolek, who coined the term, emphasizes that these smaller,...
5 Reasons to Buy in 2025
Reduced demand could lead to stagnant or declining prices, creating better deals for new buyers. Buyers prepared with savings and good credit can benefit from hesitant competition.
What’s The Most Expensive Zip Code In Southern Utah?
A unique perspective on the current housing market highlights the challenges of home buying, especially in Utah, where prices have surged. A recent analysis of 184 ZIP codes revealed Park City (84060) as the most expensive, with a median home value of over $2.047...
Capital Economics 2025 Home Price Forecast
Capital Economics forecasts U.S. home prices will ↑ 4.0% in both 2025 and 2026, signaling a stable housing market.Limited inventory will likely prevent price declines, supporting steady growth despite constrained buyer demand.
Will 2025 Finally Be a Normal Housing Market?
New listings ↑ 8% weekly, signaling more seller activity as the market heads into 2025. Pending home sales ↑ 10% yearly, reflecting slight optimism in the housing market.