For decades open houses have been a staple in real estate, offering aspiring home buyers a window into what the market offers. While the boom of tech and innovation have caused some to question the practice’s viability, many still believe it’s a worthwhile investment for agents and clients.
The runup of mortgage rates continues to deal a blow to the housing market as April saw another decline in contract signings, according to recent data from the National Association of REALTORS® (NAR).
NAR’s Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, fell by 3.9% last month—dipping to 99.3. That’s down 9.1% year-over-year.
While the housing market may be hotter than ever, most homeowners prefer to fix their homes rather than put them on the market, according to a new survey out this week from LendingTree.
According to the findings, 72% of homeowners would rather tackle home improvement projects than list their home.
LendingTree surveyed 1,000 homeowners about their home improvement wishes and plans, asking everything from which upgrades they’re making and their budgets to how they plan to finance their home improvement projects.
Saving money, getting the job done quickly and avoiding permits. These are just a few examples of some of the common goals held by homeowners when talking about home renovations. But with U.S. home improvement sales projected to reach over $550 billion this year, the financial impact of these ideas and the decisions made around them as a result could start to add up.