The new year is an opportunity for many homeowners to update their homes. Given the incredibly low inventory of homes for sale, many more homeowners are opting to embark on home renovation projects. In fact, a recent survey found that 72% of homeowners will consider at least one home improvement project in 2022.
Most popular projects for 2022
- Bathroom: An always popular renovation item, bathrooms will once again be at the top of the list. More than half of homeowners surveyed stated that they are considering a bathroom renovation in 2022. Some of the most popular features listed were curb-less showers, heated floors, & free-standing bathtubs.
- Kitchen: An always popular renovation project, kitchens will continue to be the subject of much attention in 2022. In a recent survey, approximately 46% of homeowners mentioned that they are considering a kitchen renovation this year.
- Other popular projects: Landscaping; first-floor addition; deck; backyard/guest home; exterior & interior painting; & a pool.
Summary
Inflation, pandemic uncertainties, home affordability concerns, and a tight inventory of homes for sale are all reasons for many homeowners to opt for renovation projects. Furthermore, recent U.S. Census data indicates that Americans are moving less often. With more older Americans opting to age in place and millennials buying larger homes, we are not seeing the same levels of movement as we have seen with prior generations. In South Florida, we continue to see increased home buying competition from buyers from other states as well. This has forced many to either remain in the rental market or simply remodel their current home, as opposed to moving.
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!
