Newer Post | home | Older Post |
Low Inventory Levels Spur On Home Renovations |
|
Homeowners are staying in their homes longer than ever before, according to date from the National Association of Realtors (NAR). The median number of years that a hmeowner has lived in their home is up to 10 years in 2017, which matched 2016 and 2014 as the highest level seen since NAR started tracking the data in 1985. It would seem that low inventory levels, plus a lower than normal pace of new home construction, are causing many homeowners to stay and renovate their homes, rather than try to sell their home and buy a new home. Sometimes this works, and sometimes it doesn't. It is certainly harder to stay in a townhouse and renovate it to allow it to work for your family for longer into the future -- and much more possible to do so with a detached home. I expect we will continue to see this trend locally (more people staying put, more people renovating) until and unless we start to see more new homes being built. Recent Articles:
| |
Newer Post | home | Older Post |
Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
Licensed in the
Commonwealth of Virginia
Home Search
Housing Market Report
Harrisonburg Townhouses
Walk Through This Home
Investment Properties
Harrisonburg Foreclosures
Property Transfers
New Listings