Home purchasing

“It’s expensive”: owners prefer renovations to purchase in a boiling real estate market

RALEIGH, NC (WTVD) — A survey conducted not so long ago revealed that nearly 80% of homeowners would rather renovate their home than move into a new one.

Wake Forest resident Regina Teasley and Raleigh resident Sheryl Merritt are staying home and looking for ways to modernize things.

The Southern Ideal Home Show serves as an idea hub.

“I’m particularly interested in outdoor living spaces, so I wanted to see what they had here for that,” Merritt said.

“It’s expensive, but that’s why you have to do it piece by piece,” Teasley said. “We’ve actually made some improvements over the last two years, but I want to do a bit more.”

The other option is to buy new. This remains a difficult task for so many people.

Mortgage rates are now above 6% for the first time since the housing crash of 2008.

The latest data from Redfin shows that in August house prices rose more than 12% in Raleigh from a year ago, 13% in Durham and more than 17% in Fayetteville.

Salesman Al Larkin notices a trend as he travels across the country to attend shows.

“People who come out are more serious shoppers. They’re more open to buying our items,” Larkin said.

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