A survey found that 62 percent of the 2,194 adults questioned don’t ever plan on moving out of their current homes, instead opting for custom home renovations.
Many of the homeowners we’ve talked to recently are happy in their existing homes – they just need a little remodeling help to transform their residences into spaces that will grow with their family or adapt to their changing needs. A new survey by Bankrate.com has just reinforced what we are witnessing in Charlotte on a national scale.
Perhaps surprisingly after decades of a prevailing “house flipping” mentality, the survey found that 62 percent of the 2,194 adults questioned don’t ever plan on moving out of their current homes. Equally astonishing, just 30 percent expect to leave in the next decade.
When you pair that desire to remain in one place with rising new home prices, it’s not surprising that more and more homeowners are turning to remodeling instead of moving as their best option.
In fact, according to the April 2018 survey, 35 percent of homeowners said they are more likely to remodel, upgrade or add to their current home in the next five years, while a scant 19 percent said they are planning to move to a new home within that same time period.
What does that mean for you? It means that now is a great time to tackle that remodeling project! Rising home prices, limited availability (the National Association of Realtors estimates total housing inventory to be down 7.2 percent from a year ago) and higher interest rates make moving a more costly and challenging option than ever before. Which means that investing in your current home will reap even larger benefits – both in terms of your family’s enjoyment of their space right now and again when it does come time to sell at some point in the future. (Plus, with so many folks remodeling, if your home doesn’t keep pace with those around it, its resale value could lag behind.)
Ready to talk about what it will take to make your current house your family’s dream home? Contact us today at 704.544.0367, Ext. 101 and let’s explore the possibilities!