Most first-timers now consider homes that need renovation

ANTA CLARA, Calif. – April 15, 2019 – Nearly 60 percent of all spring home shoppers are considering a home that needs renovating, as rising home prices and limited entry-level inventory continue to be a hurdle, according to realtor.com’s spring home buyer survey.

Just over half of those considering a TLC home are willing to spend more than $20,000 on the renovation, and the vast majority of them – 95 percent – are optimistic they would get a positive return on their renovation investment.

“The combination of rising home prices and limited entry-level homes for sale is prompting many home shoppers to consider homes that need renovating,” says Danielle Hale, realtor.com’s chief economist. “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.”

Source:  © 2019 Florida Realtors®

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