Real Estate Weekly Volume 27 Issue 47 & 48 - Page 10

Richard Trappier
Richard Trappier
COVID-19 continues to reshape our lives , changing our daily routines and mandating precautionary measures that involve staying in our homes as often as we can . With people spending more time at home than ever before , home improvement projects are increasingly becoming top of mind for homeowners .
“ Remodeling home projects take time and patience , and REALTORS ® and homeowners alike recognize the feelings of accomplishment , satisfaction and potentially higher home values that come with it . During this pandemic , homeownership is invaluable , and we know that your home means everything to you – from protection , to safety , to comfort – so we ’ re seeing people across our region dedicating themselves to improving their homes ,” said Trappier .
Below are some facts about home renovations during the pandemic , according to a survey by the National Association of REALTORS ® ( NAR ):
• Despite the financial difficulties brought on by the pandemic , 77 % of homeowners say their home renovation budget for 2020 is the same or greater than last year .
• The top three home renovations that homeowners hope to complete within their budgets in 2020 are : 1 . A new bathroom ( 28 %); 2 . A new kitchen ( 23 %); and 3 . Fencing in their yards ( 21 %).
From Your President of The Pee Dee REALTOR ® Association

Incorporating Home Renovations Into the “ New Normal ” of Homeownership

• Homeowners are attuned to how the pandemic may influence prospective buyers ’ preferences . A fenced-in yard , for example , the third most popular project for 2020 , didn ’ t even make the top 10 REALTOR ® -recommended projects in NAR ’ s 2019 Remodeling Impact Report , which examined a variety of remodeling projects and their appeal , value and potential return on investment .
• An additional 21 % of homeowners expect new investments such as a home office , gym , or other space will offer the greatest return — other projects REALTORS ® would not have recommended as a top priority based on 2019 data .
• Some renovation priorities remain unchanged : Kitchen and bathroom upgrades and remodels were highly recommended by REALTORS ® in 2019 , and continue to top most homeowners ’ current lists .
REALTORS ® can help homeowners understand their local real estate markets while identifying which home renovations improve quality of life and provide a greater return on investment during this ‘ new normal ’ of homeownership . If you are interested in selling or buying a home , contact the Pee Dee Association of REALTORS ® or visit www . peedeerealtors . com to speak with a member of the National Association of REALTORS ®.
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