Most Homeowners Prefer Renovation to Moving
76 percent of respondent said they would rather use a set amount of money to upgrade their existing home rather than use it for a down payment on a new residence.
When it comes to upgrading a residence, the overwhelming majority of homeowners would prefer play Property Brothers rather than House Hunters, according to a new survey from Zillow.
In a poll of 10,000 adults, 76 percent of respondent said they would rather use a set amount of money to upgrade their existing home rather than use it for a down payment on a new residence. Older homeowners were especially eager to fix up their homes: 87 percent of people who are 55 years or older and 91 percent of retirees cited a preference to renovate instead of moving. Renters and younger Millennials were among the groups who opted for hiring the moving van instead of upgrading their current homes.
But perhaps this is no real surprise. The recent 2018 Zillow Group Report on Consumer Housing Trends found 83 percent of respondents saying that they love their home, while 63 percent had no plans to move.
"Even in a seller's market, simultaneously buying and selling is an exercise in frustration. Add to that the emotional history between you and your home, and it's no wonder low inventory has been in a self-fulfilling cycle," said Zillow Director of Economic Research and Outreach Skylar Olsen. "Homeowners may hesitate to sell because of limited options for them as buyers, but by holding on to their homes, they are themselves contributing to low inventory."