New waves of first-time homebuyers hitting the market this summer have created a new and interesting statistic. A survey in move.com showed that nearly 60% of buyers searching for a home this spring said they are willing to consider buying a fixer-upper rather than endlessly searching for the home of their dreams. 95% of those said they believe the projects needed will increase their new home’s value.
As stated in several interviews and articles on Realtor.com’s, low-inventory for entry-level price ranged homes is to blame for the increase in willingness to renovate.
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 than $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, “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. Are you up for the task?
If you are one of the many Americans considering buying a home this spring, meet with a local real estate professional who can help you find a house with the potential to be your dream home.
Roberta L. Voss, JD, e-Pro, CNE, SFR, CDPE
The Voss Team