Remodeling Survey Shines Light on Homeowner Sentiment

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Remodeling Survey Shines Light on Homeowner Sentiment Demand Propels Home Prices Upward 2 days ago About Author: David Wharton Previous: The Most Affordable College Town Is … Next: Michael R. Bright Nominated to Head Ginnie Mae Share Save aging in place Consumer Sentiment Home Prices NAHB National Association of Home Builders remodeling Remodeling Market Index 2018-05-15 David Wharton  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Journal, Market Studies, News Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Remodeling Survey Shines Light on Homeowner Sentiment Related Articlescenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] The Best Markets For Residential Property Investors 2 days ago May 15, 2018 2,240 Views Tagged with: aging in place Consumer Sentiment Home Prices NAHB National Association of Home Builders remodeling Remodeling Market Index Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Discovering why homeowners choose to remodel can reveal unexpected insights into attitudes and expectations about the current housing market. According to the latest Remodeling Market Index (RMI), released quarterly by the National Association of Home Builders, the number of homeowners who cite “desire to be able to age in place” as a reason for wanting to remodel their homes was trending upward in Q1 2018.With many homeowners facing surging home prices, increasing interest rates, and limited inventory, staying put in an existing home is likely gaining appeal for more people than it otherwise would. The Remodeling Market Index survey results suggest more homeowners are thinking about staying in their current homes rather than shopping around, so it makes sense that they would want to repair and revitalize that home for the long haul.“Aging in place” wasn’t the most popular reason given for wanting to remodel, however. That honor, according to the RMI, was the “desire for newer/better amenities.” The survey asked remodelers “to rate how often their customers cite particular reasons for remodeling on a scale of 1 to 5, where 1 indicates never or almost never, and 5 is very often.” The “desire for newer/better amenities” received a 4.3 rating on the Q1 RMI.The next most-common remodeling reason cited was “need to repair/replace old components” at 4.1, followed by “desire/need for more space” at 3.8 and then “want to avoid moving/buying another home” at 3.5. The desire to age in place came in fifth with a rating of 3.4.However, while it might only be midway up the list, the desire to age in place is experiencing a surge in recent years. In 2012, only 32 percent of remodelers rated that reason as a 4 or 5. That percentage increased steadily over the years until it hit 42 percent in 2017—and then jumped up to 52 percent in 2018.“Repairing a damaged property” tied “want to increase value of home as an investment,” both with a rating of 2.8. Below that was “energy efficiency/environmental concerns” with a ranking of 2.4, “change the number of people living in the house” with a 2.3, and “to accommodate multi-generational living” with a 2.2. (That latter factor is a growing trend. According to the Pew Research Center, a record 64 million people lived in multigenerational homes in the United States.)The last two responses on the RMI top 12 were both more geared toward getting homes back on the market. “Getting an ordinary non-distressed property ready for resale” came in 11th with a 1.8 rating, followed by “getting a property ready for REO/short/other distressed sale” with a 1.4. Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agolast_img

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