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Will Home Renovations Surge In 2022 and 2023? |
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 This scenario seems to be very common right now... [1] We decided a year or two ago we wanted to sell our house and move to a bigger or nicer or different house. [2] We've been looking at houses, making offers on houses, but haven't been able to secure a contract on a house. [3] Mortgage interest rates have gone up quite a bit and we are now not sure if we want to trade in our 3.75% rate on our current mortgage (with only 20 years to go) for a new 30 year mortgage at 5.25% or higher. [4] Prices of homes we'd buy have increases significantly since we started looking to buy... and when that is combined with the higher interest rates, it really starts to affect our projected monthly payment. [5] Maybe we should stay in our current house and make some renovations or modifications to allow it to work better for us or to allow us to be more excited about staying for another 10+ years!? Staying and renovating won't be the answer for all buyers who have unsuccessfully tried to buy over the past year or two, but I think it is something more would be buyers will be considering given all of the factors outlined above. Recent Articles:
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
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Commonwealth of Virginia
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