Amid all the news surrounding low inventory of homes and low building starts, another opportunity is getting less attention--the wave of remodeling. Here's what it means for folks looking to sell.
Harvard's Joint Center for Housing Studies recently published data showing a significant rise in the remodeling of homes in the US. In 2015, remodeling in the US totaled $340B a 57% increase since 2001.
Across the board, homeowners and renters alike are spending more money on their homes. And it's true among all demographic groups and cities throughout the US. This appetite for remodeling brings with it many opportunities.
For homeowners looking to sell, I see this as a growing appetite for fixer uppers. Yes, plain and simple. In a previous post regarding Arcadia, I mentioned homes listed below the median selling price have an advantage given the near-term equity potential. This is only strengthened by the increasing propensity of buyers looking to remodel.
From a marketing and positioning standpoint, I think there are many creative ways to target buyers who have a strong appetite and the cash for remodeling. In fact, my wife and I were those exact buyers a year ago. They're out there!
If you're looking to sell and want to talk strategy, reach out. I can tell you what Contempo Realtors can do for you in terms of positioning your home to the best buyers.