With Inventory Low: Will Your Dream Home Need Some TLC?
According to anew surveyfromMove.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 - likePinterest, 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 theJoint Center for Housing StudiesatHarvard University,home improvement project spending reached anew highin 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, let’s get together to help you find a house with the potential to be your dream home!
Author:Stephen Findley Phone: 205-616-4350 Dated: April 23rd 2019 Views: 929 About Stephen: ...
View our latest blog posts in your RSS reader. Click here to access.
Debra has been in Real Estate serving Tuscaloosa and the surrounding area for over a decade. She is customer focused and cares deeply about her clients and finding the best home for them or finding the best buyer for the home they are selling. Debra is a 5-Star Realtor®. Debra is ABR accredited, CDPE certified, and an Associate Broker. Call Debra today and let her go to work for you and be your Realtor®!
So you have decided you are ready to buy your first home.... Now what?
"Earlier this year my husband lost his job and a little over a month after that I was out of work on maternity leave. Neither of us were getting any pay. Prior to this our house was already on the market. After a few months of trying to sell our home and running out of savings. We decided we had to do something or we would have to foreclose on our home. After many tears, we decided that a short sale was the best option for our family. The realtor we were with referred us to Ms. Debra Smith because she could better help us with a short sale. She was AWESOME, so comforting and understanding of our situation. She assured me that this would not haunt us forever. She stayed on top of this sale. I felt almost as if I was her only priority. I could not have asked for her to be anymore reassuring that she was going to make this sale happen for us. I received constant updates of what was going on and where we were with the sale. The day of the closing when we were done signing papers, I had a small break down and she again assured my husband and I that we would recover from this and it would only "ding" us for a little while. Anyone I know looking to buy/sell a home, I will refer to her and make sure they know what she did for us and assure them they will NOT be disappointed.