According to Move.com, there is a wave of first-time homebuyers hitting the market this summer! Nearly 60% of these buyers are considering a fixer-upper project as turn-key homes are hard to find. Additionally, 95% of these buyers believe that the renovations and upgrade will increase the value of their new home!
Realtor.com’s Chief Economist, Danielle Hale, sites two reasons for this shift:
- A shortage of inventory at the entry-level price range
- Rising home prices across the country
Now, the most common remodeling project is that of a kitchen renovation, which can run anywhere from $20,000 for to $60,000 depending on the extent of the upgrades.
Surprised? This isn’t a new trend by any means. Consider this, Americans spent almost $400 billion on remodeling projects in 2018 - roughly 88 billion more in spending on remodeling compared to 2017!
So What Does This Mean For You?
If you are one of the many Americans thinking about buying a home this spring/summer, meet with a local real estate professional who can help you find a house with the potential to make it your dream home!
If you've got a home that needs some TLC, don't be discouraged. Instead, sit down with a local real estate professional and see what your options are.
Need help with the purchase or sale of your home in Queens, Nassau, or Suffolk? Get in touch with us for all your real estate needs at (718) 701-8585 | TheTayebGroup.com