While builder confidence has stabilized and the Mortgage Bankers Association projects a hot home-buying season, a recent survey from Trulia indicates the remodeling market is likely to stay hot as well. Housing Wire reports that 90% of the respondents to the Trulia survey plan to revamp their home sometime in the next two years, with only 17% of that cohort remodeling to sell their home.
However, of homeowners planning to sell in the next two years, 38% claim the top reason they won’t consider remodeling is because they plan to move to a different neighborhood.
Furthermore, among homeowners planning to renovate or remodel in the next two years, 40% don’t want to sell because they want to stay in their current home.
“Homeowners planning to sell often won’t consider remodeling their current home because they want a different neighborhood entirely, and homeowners planning to remodel have already found the neighborhood and home they want – even if it may need some sprucing up,” Trulia writes.
Trulia, an online real estate service, commissioned The Harris Poll to conduct its online survey. The survey garnered 1,378 responses from homeowners over the age of 18 and was conducted between January 2018 and February 2019.
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