Inventory continues to be at an all-time low in Fergus Falls, but that doesn’t seem to be slowing down sales (See March 2019 Home Inventory/Sales). The popular home renovation shows on HGTV are also continuing to fuel home improvement projects by the homeowner, something that will increase the value of a home as well as providing a better living experience now. As new buyers look at homes, they should try to visualize what a home could become with a little creativity and elbow grease. This article discusses a national trend towards new buyers purchasing “fixer-uppers”.
I’m a real estate agent with the “heart of a teacher” who would love to help you in the process of buying or selling. I want to be prepared to ensure that you are given the best buying/selling experience with knowledge and expertise to guide you along the way.
On the national housing market, according to a new survey from Move.com, the wave of first-time homebuyers hitting the market this summer 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 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, 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 Americans considering buying a home this spring, let’s get together to help you find a house with the potential to be your dream home!
Source…. KCM Charlie Brue blog
To protect your interests and ensure that you make the best possible decisions, it’s important that you have a knowledgeable agent on your side who is an expert in his local real estate market. I am dedicated to keeping you on top of our local market. Rest assured that I will provide you with well-informed, trustworthy and personal guidance for your home purchase/sale in Fergus Falls Minnesota.
To reach me, call or text 218-205-6568 Or send me an email at charlie@century21vista.com
Search for the newest listings in Fergus Falls
FERGUS FALLS LISTINGS
Thinking of selling your home? Let me take over the marketing of your property. I’d love to visit with you about the Fergus Falls market and the value of your home.
CHARLIEBRUEHOMES.COM
CALL OR TEXT 218-205-6568.
“Seeking to provide help, joy and benefit to home buying or selling.”