For the last two years people have heard a lot about supply delays, increased costs, and occasional trouble getting city permits through without delays. And yet, as we enter 2022, there are some other aspects of the market happening right now that make this a solid time to move forward with those remodel plans.
What a lot of these reports about the negatives don’t take into account is the sheer housing demand that was constant throughout all of 2021 and continues into this year.
Home Values and Equity Loans
With the housing boom such as it’s been, Realtor.com reports that home values have generally jumped way up in the last year or so. This means it’s easier to get home equity loans for larger amounts, which makes remodels you may have been planning far easier to execute on.
The price increases are due to vastly increased demand for homes, which mortgage lender Freddie Mac says comes from a shortage of nearly 4 million homes throughout the U.S.
It’s that good old supply and demand scenario, and in this case, demand greatly exceeds supply.
With Homes In Such Demand, Remodels Make Them Even More Competitive
If you’re trying to sell your home right now it might move quickly at a given price point. And if you live in an area with several other homeowners selling at the same time, you may find your home doesn’t stand out significantly.
If that ends up the case, the main driver of potential buyers making an offer might be that the home more or less fits the bill, and is what’s left available. That, however, doesn’t always give you the best negotiating power.
Newly remodeled kitchens or adding new bathrooms, for instance, can be fairly straightforward projects that add real value to the home and give those having a look far more reason to stop their search there.
It’s also potentially more feasible to justify home improvement loans or investments knowing it will result in profit, given how hungry for modern designs buyers have been.
If you’re considering a home remodel in the Winston Salem or Clemmons area and are looking for a highly skilled team to manage the project, look no further. We would love to talk with you and discuss your plan.
Call us today!