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 year 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. There are many ways to spruce up a kitchen and it all depends on how much work and money you want to put into making this space your own.  Are you willing to put the time into this kitchen remodel?

Home improvement projects 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 Richmonders considering buying a home this spring, let’s get together to help you find a house with the potential to be your dream home! Being willing to buy a home that needs some TLC gives you access to more homes and will allow you to live exactly where you want to!