I read a story last week in the Business Journals that reported on 3 recent surveys of homeowners. The first survey by YouGov of 1,330 homeowners revealed that only 30% of them plan to leave their current home in the next decade. In a second survey by Bankrate.com, only 19% of homeowners plan to move in the next 5 years; whereas, 35% will be remodeling their home. Finally, the 2018 Home Renovation Trend Report showed that 55% of homeowners plan to do at least 1 project in the next year. Homeowners are expected to spend $340 billion on home repairs and renovations this year.
This trend of renovate and stay put is gaining steam which means our inventory levels may worsen over time and if that happens, prices can only go up. We need more inventory; but if people don’t want to move there will be fewer homes for sale.