Are you seeing more people doing remodels than buying?
It is the whole “should I stay or should I go?” adage. And while folks try to understand what their options are with their current home and if their ideal home exists both in reality and in the inventory, remodelers and builders are very busy these days.
Presently, many folks as they are researching options for renovations are finding that the 170% lumber price increase, along with the tariffs and labor increases may not allow for them to do the full-scale addition to their home, they may just update a kitchen, master or create the screened in porch or multi-season room they have always wanted. However, when they can’t do this, or space doesn’t allow, that is when we start looking for a new place.
I defer to my builder colleagues about how they are working through deep renovations and additions right now with the big pricing increases, while knowing that inventory shortages will ultimately shift. Once folks realize there are multiple options for moving with the huge amounts of equity which can be unlocked from their current home, which will enable them to move from one home to another, we will keep seeing people staying put and renovating.
Unless the home is just not going to fit the mold they need to break out of for items like multi-generational adjustments, true space needs and green space.