Are Delaware Homeowners Renovating to Sell or to Stay?
Homeowners are weighing their options to either to sell their home in this low-competition market or renovate and stay.
Over the past few years, two trends have emerged in the housing market:
- Home renovations have shot up
- Inventory of homes available for sale on the market has dropped
A ‘normal’ housing market is defined by having a 6-month supply of homes for sale. According to the latest Existing Home Sales Report from the National Association of Realtors, we are currently at a 4.4-month supply.
This low inventory environment has many current homeowners worried that they would be unable to find a home to buy if they were to list and sell their current houses, which is causing many homeowners to instead renovate their homes in an attempt to fit their needs.
According to Home Advisor, homeowners spent an average of $6,649 on home improvements over the last 12 months. If that number seems high, it also includes homeowners who recently bought fixer-uppers.
A recent study asked the question,
“Given a choice between spending a fixed amount of money on a down payment for a new home or fixing up their current home, what would you do?”
To read the full blog post, click here.
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