The number of homes for sale has hit a record low, home prices keep creeping up, and mortgage rates are good. This combination of circumstances has more homeowners remodeling to get the home of their dreams. Home remodeling hit an all-time high at the beginning of this year – up 4.5% from last year. The higher home prices are enabling homeowners to cash out equity to update a kitchen and/or bathroom – and even renovate the entire home.
According to The Houzz & Home Survey, “[f]ifty-two percent of respondents said they plan to start or continue renovations this year.” The survey found that first-time and repeat homebuyers are undertaking more extensive renovations, updating and average of four rooms at a time. Long-term homeowners are renovating an average of two-and-a-half rooms. Kitchens and bathrooms continue to be the most popular remodeling choices.
We are seeing a renovation uptick as well. More and more clients are reaching out to us for complete floor and home remodels. They are looking to improve design and functionality with updated décor, a new floorplan, and open concept design.
If you are thinking of a renovating your home, give us a call. We are happy to help you from design to construction.