TO MOVE OR TO RENOVATE? THE HOMEOWNER DILEMMA

This week’s Bloomberg Businessweek magazine (p. 64, Apr 22, 2024) has an extensive article on the state of the homeowner’s mind today.  Here are the highlights: 

• HOMEOWNERS WHO LOVE THEIR MORTGAGE:  51%
• SHARE OF HOMEOWNERS PLANNING THESE PROJECTS IN 2024:
  1. Garden/Landscaping:  19%
  2. Remodel bathroom:  18%
  3. Kitchen:  16%
  4. Flooring:  12%
  5. Patio/deck/porch:  11%
  6. Windows:  10%
  7. Plumbing:  8%
  8. Roofing:  7%
  9. Rewire electrical:  6%
  10. Siding:  4%
• CHANGE IN BUSINESS OPENINGS 2022-2023 (per Yelp)
  1. Carpenters:  54%
  2. Masonry/concrete:  40%
  3. Contractors:  33%
  4. Junk removal:  28%
  5. Mortgage lenders:  (8%)
  6. Mortgage brokers:  (16%)
  7. Packing supplies:  (25%)
• HOMES NOT SOLD BECAUSE OF “LOCKED-IN” MORTGAGES:  Over 200,000

As you can see, these are huge numbers. However, we have seen some movement in business picking up for home sales, and moving and storage companies since February. The three prime rate reductions “promised” by the Fed are not looking likely, however.

Onward and upward!