Tag Archives: homeowner

Homeowners Love Their D.I.Y. Remodels, Says Realtor® Survey

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Washington, D.C. – January 3, 2019 (nar.realtor) Homeowners looking to add personality and individuality to their home are more likely to undertake a do it yourself remodel than hire a professional, according to the National Association of Realtors®’ 2019 Remodeling Impact Report: DIY. The report also shows that cash-strapped millennials are the most likely of any generation to take on a DIY project.

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The report examines the differences between remodeling when hiring a professional compared to homeowners who pursue “do it yourself” projects. The report also differentiates between projects that were undertaken to benefit the homes of consumers and those that benefit consumers’ pets.

According to the report, homeowners reported a “Joy Score” of 9.9 for projects done themselves (Joy Scores range from 1 and 10, and higher figures indicate greater joy from the project). That is compared to a score of 9.6 for projects completed by professionals. DIYers also expressed a greater sense of accomplishment with a finished project, with 97 percent of respondents indicating a major or minor sense of accomplishment, compared to 93 percent of those who hired a professional.

Respondents indicated that the number one reason for undertaking a project was to increase functionality and/or livability of their home (35 percent for DIYers and 41 percent for those hiring a professional). That is followed by increasing the home’s beauty and aesthetics (19 percent and 18 percent, respectively) and adding durable and long lasting materials and appliances (15 percent and 18 percent). Projects which were designed to add personality to a home were twice as popular among DIYers than among those hiring a professional (10 percent and 5 percent).

“One of the pleasures of homeownership is the ability to take on projects to customize a house that truly make it your own. With plenty of owners taking on renovation projects as New Year’s resolutions, this report is a great place to search for projects others have undertaken successfully,” said John Smaby, a second-generation REALTOR® from Edina, Minnesota and broker at Edina Realty. “Specifically, those taking on remodeling projects to get the most bang for their buck on resale should speak to a local Realtor®, as they have unique and instrumental insights into which projects and upgrades bring the most value to homes in your area.”

Nearly three-fourths of Generation Y and Millennial consumers (73 percent,) over half of Generation X (51 percent) and 50 percent of Younger Boomers choose to DIY home projects. Seventy percent of the Silent Generation indicated that they hired a professional to complete their project – the highest of any generation.

Pet Projects
When it comes to projects undertaken for the benefit of the consumer’s pet, marginally more respondents indicated complete satisfaction when they hired a professional, 65 percent compared to 61 percent. However, consumers are more likely to DIY a project for a pet (56 percent) than a general home project (47 percent).

Respondents who hired a professional to complete a remodeling project for their pet indicated a Joy Score of 9.3, while DIYer’s reported a Joy Score of 9.4. The most popular animal-driven renovations were fence and laminate floor installation, along with the additions of dog doors, with fences earning the highest Joy Score (9.4 for professional, 9.5 for D.I.Y.).

The National Association of Realtors® is America’s largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.

Media Contact:

Jane Dollinger
(202) 383-1042
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Marcus by Goldman Sachs® Reveals What Homeowners Would Sacrifice for Their Dream Home

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New York, NY – May 1st, 2018 (BUSINESS WIRE) National Home Improvement Month is the perfect time of year for people to improve one of their most valuable assets, their home. To kick off the month, Marcus by Goldman Sachs® reveals the results of a recent study to uncover what homeowners would sacrifice in order to make their renovation dreams a reality.

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Survey:

The survey revealed that 57% of homeowners planning to make home improvements this year would sacrifice their smart phone for 30 days if it meant they could renovate their home into their dream home for free, while 43% would give up sex for 30 days and nearly half (47%) would give up drinking alcohol for a year.

How do homeowners plan to fund their home renovation?

Nearly 1 in 4 homeowners who are planning for home improvements this year (24%) plan on using a credit card as their primary source of financing for their project. The survey findings also revealed that when it comes to financing a home improvement project, 39% of homeowners are most concerned about incurring fees — more so than having to borrow against their home (28%), the funds being controlled by a contractor (14%), dealing with variable rates (13%), or getting your home appraised (6%).

To help homeowners with their renovation projects, Marcus has teamed up with home renovation expert, JoJo Fletcher, to share her budget friendly home renovation tips.

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“Think about small changes you can make if you don’t have the time to take on a big project right now. You can instantly freshen up any kitchen by refinishing your cabinets with a bright white coat of paint. When it comes to financing, I recommend homeowners explore all their options in order to get the most out of their budget,” said JoJo Fletcher, ambassador for Marcus by Goldman Sachs®. “Whether it’s a quick retouch to freshen up the kitchen, or an ambitious remodel, I recommend homeowners consider various financing options. For instance, Marcus offers no-fee, fixed rate home improvement loans up to $40,000 which could be a better option than putting renovation costs on a higher interest credit card, or borrowing against your home’s equity. Applying for a loan is easy and you can see your offers in as little as five minutes.”

To learn more about a Marcus home improvement loan and get additional tips for your home renovation project from JoJo Fletcher visit: www.marcus.com.

About Marcus by Goldman Sachs®:

Marcus by Goldman Sachs® offers products and tools designed to help people achieve financial well-being. Marcus offers no-fee, fixed-rate unsecured personal loans, high-yield online savings accounts and certificates of deposit in a variety of terms as well as home improvement loans. Marcus is supported by the Goldman Sachs Group, Inc. (NYSE: GS) and its 148-year history of financial expertise, risk management and customer service.

About Marcus by Goldman Sachs ® Home Improvement Loans:

Marcus home improvement loans have no fees ever. No sign-up fees, no late fees (customers only pay interest for the additional days) and no prepayment fees. The application process is easy, and does not require a home appraisal or borrowing against your home. Once approved, most Marcus customers receive their funds within four days along with complete control over how they use their funds without being committed to pre-approved projects or a single contractor. Loans range from $3,500 to $40,000 for periods of three to six years, providing creditworthy customers with a smart and simple solution for investing in a home renovation.

Contacts

Media:
Goldman Sachs
Andrew Williams
(212) 902-5400

or

Zeno Group
Cathleen Koo
(212) 299-8984

Confidence Among Homeowners, Homebuyers on Diverging Paths

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But it’s not what you’d expect despite rising home prices according to the Latest ValueInsured Modern Homebuyer Survey

Dallas, TX – March 6, 2018 (PRNewswire) On the heels of the most recent Case-Shiller report, which again showed home prices on an upswing, ValueInsured‘s latest quarterly Modern Homebuyer Survey finds that confidence among current American homeowners has decreased for two consecutive quarters and is starkly juxtaposed by an increase in new homebuyer confidence.

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  • From Q3 2017 to Q1 2018, the nationally tracked housing confidence score for American homeowners fell from 76.9 to 74.3 percent (down 2.6 points) on the hundred-point scale.
  • During the same period, millennial first-time homebuyers, despite reports of the nationwide housing affordability crisis, increased their housing confidence score from 57.1 to 59.1 percent (up 2.0 points).

“We’re seeing the effects of a confident job market and the economy overall, particularly among millennials,” said Joe Melendez, CEO of ValueInsured. “Borrowing standards are also loosening; lenders are more motivated to bring in first-time buyers. These, along with the increased anxiousness to buy, even sight unseen, are likely factors boosting new homebuyer excitement and confidence.”

Confidence to afford home falls

The survey report was not immune to signs of the affordability crisis. While the desire to buy remains high, confidence in one’s own ability to save enough for a down payment trended down, particularly among first-time homebuyers. Only 35 percent said they can afford a down payment, representing a 9-point drop in 12 months.

The concern for affordability is particularly glaring in some of the nation’s hottest housing markets. Only 25 percent of interested new homebuyers in Seattle expressed some level of confidence that they can afford a down payment; in Denver, 31 percent; and in Atlanta, 33 percent.

The survey found millennials believe affording their first home could require some sacrifices. Among possible paths they will most likely take to save for a down payment sooner, the top five are:

1. Give up or cut down on eating out (59 percent)
2. Take on a second job (51 percent)
3. Give up most or all vacations (47 percent)
4. Give up most or all clothes shopping (39 percent)
5. Return to live or stay living at parents’ home (33 percent)

With all its hype, crowd funding for a down payment through social media is reported to be the least popular way to save for a down payment, favored by only seven percent of millennials.

Real Estate Infographic

Another blemish in homebuyers’ rising confidence is their concern about price sustainability. Only 48 percent of all homebuyers and 42 percent of millennial first-time homebuyers feel positive that a home they buy today will retain or increase in value by the end of 2019.

Homeowners’ concerns growing

While homeowners’ housing confidence remains higher than homebuyers’, it is trending downward. The survey found 58 percent wish to sell but are putting it on hold as they do not want to buy at today’s high prices. 59 percent believe people who buy in their area now are overpaying. This highlights homeowners’ dilemma and the double-edged sword of selling and buying in the current climate.

Thirty percent of homeowners now consider the housing market “unhealthy.” While still a minority, this is the highest level registered since Q1 2016. And for the first time since the inception of this quarterly survey, more than half believe they could witness another 2008-style housing crisis, rising from 37 percent in Q1 2016 to the current 53 percent – another indicator that not all homeowners are optimistic about the market’s trajectory.

“Homeowners’ sentiments have always been a leading indicator of where the market could be headed, as they are more informed and closer to the ground,” Melendez said. “They are also the key to increasing inventory. If more homeowners become motivated to sell, prices could ease. This, coupled with rising rates and other economic factors, should signal to new homebuyers to take further precautions when they buy.”

View the infographic or additional findings from the ValueInsured Modern Homebuyer Survey at valueinsured.com/trends.

Survey Methodology:

The ValueInsured Modern Homebuyer Survey was conducted online by Equation Research on behalf of ValueInsured in February 2018 among a nationally representative sample of 1,606 American adults ages 18 and older. See valueinsured.com/insights for full details.

About ValueInsured:

Based in Dallas, Texas, PVI Agency, LLC dba ValueInsured℠, is the only provider of home down payment and refinance equity protection. The innovative products give homeowners greater control and flexibility to sell their home, protect their down payment and accumulated home value even in a down market. ValueInsured’s +Plus down payment and equity protection programs are available on mortgages across the U.S. and are backed by one of the world’s largest re-insurance companies, with more than $8 billion in capital. See policy details and +Plus availability at valueinsured.com.

Contact:

Charlyne H. McWilliams
(301) 933-5567
191359@email4pr.com