And while data suggest many Americans are likely to purchase homes, a recent survey from Trulia indicates a significant number of current homeowners will choose to remodel their homes instead.
“The tank has been low on inventory for years, and with new construction still sputtering well below pre-recession levels, some homeowners may decide to take matters into their own hands—perhaps not build a new house, but at least remodel their current one,” Trulia writes.
In fact, according to Trulia’s remodeling survey, a whopping 90% of homeowners plan to revamp their home sometime in the near future.
Interestingly, 17% of respondents who plan to remodel their homes within the next two years also have plans to sell.
“Of homeowners planning to sell their home in the next two years, 83% would not consider renovating or remodeling it and staying there over selling it,” Trulia writes. “Similarly, 87% of homeowners planning to renovate or remodel in the next two years wouldn’t consider selling their home instead of renovating or remodeling.”
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.
NOTE: Trulia said it commissioned The Harris Poll to conduct this online survey, consisting of 1,378 U.S. homeowners aged 18 and older. The survey was conducted through the dates of January 3-5, 2018 and February 1-5, 2019.