More buyers considering homes that need remodeling
What do entry-level buyers do when inventory is limited and prices are rising? Simple: They become more open to purchasing a home in need of renovations. Here are the numbers from a recent Realtor.com® survey1:
- Over half of respondents are considering a home that needs work (and plan to spend at least $20‚000 on renovations).
- However‚ less than a third of buyers 55 and over said they would consider a property that needs work.
- Among those who plan on buying in the next year‚ 95% are confident that they will see a return on their remodeling investment.
Please contact me if you have any questions.
1Steve Randall‚ “Renovations are in fashion for 2019’s homebuyers‚ says Realtor.com‚” Mortgage Professional America‚ last updated April 17‚ 2019.