SAN JOSE, Calif., July 17, 2014 /PRNewswire/ -- Nationally, 67 percent of consumers plan home renovations within the next six months, according to the latest realtor.com® Home Improvement Survey. Realtor.com®, operated by Move, Inc. (MOVE), is the leader in providing consumers the most accurate U.S. residential for-sale listings online*.
More than 1,500 visitors to realtor.com® from May 19-29, 2014, responded to the survey. Over two-thirds of respondents plan to renovate an area of their homes immediately, and 20 percent of those surveyed plan to list their homes for sale before the end of 2014.
Similar to last year, the most common budget range for home improvements is between $2,001 and $5,000. Eighteen percent of those planning to renovate before the end of the year expect to spend between $10,000 and $20,000. Home owners are most likely to spend that money remodeling kitchens, bathrooms, backyards or patios. The top reasons for the remodeling are greater enjoyment of the home and improved appearance, according to the survey.
"With 32 percent of consumers planning to spend money on improving the look and feel of their homes, home buyers should think about purchasing homes that require renovations," said Barbara O'Connor, Move's chief marketing officer. "By considering these kinds of homes, buyers open themselves up to more affordable options and the ability to renovate their homes to fit their specific needs and tastes."
Most popular reasons for planned home improvements:
- 32% - To improve the aesthetics and/or enjoyment of the home;
- 22% - In preparation for putting house on the market;
- 19% - Recently purchased a home needing renovations; and
- 11% - To improve the value of the home.
Most popular areas of the home to improve:
- 61% - Kitchen;
- 59% - Bathroom(s);
- 33% - Backyard/patio; and
- 32% - Exterior of the home.
Range of home improvement budgets for the next six months:
- 22% - $2,001 - $5,000;
- 19% - $5,001 - $10,000;
- 18% - $10,001 - $20,000; and
- 14% - $20,001 - $50,000.
Range of home improvement budgets in 2013:
- 20% - $2,001- $5,000;
- 13% - Up to $500;
- 11% - $501 - $1,000; and
- 11% - $1,001 - $2,000.
When do they plan to sell their home?
- 37% - Not any time in the foreseeable future;
- 20% - 0 - 6 months;
- 19% - 1 - 3 years; and
- 10% - 4 - 6 years.
Ages of survey respondents:
- 28% - 45 – 54;
- 26% - 55 – 64;
- 19% - 35 – 44; and
- 13% - 22 – 34.
- 25% - Southeast;
- 22% - Midwest;
- 22% - Northeast;
- 17% - West; and
- 13% - Southwest.
- 20% - $100,001 – $200,000;
- 17% - $70,001 – $100,000; and
- 13% - $50,001 – $70,000.
Media Contact: Lexie Puckett, 805-557-3151, Lexie.Puckett@move.com
*"Most accurate" claim(s) pertain to the accuracy of home listings and are based on comparison with other national listing portals, and on the greater frequency of listings updating on realtor.com®.
About Move, Inc. and realtor.com®
Move, Inc. (MOVE), a leading provider of online real estate services, operates realtor.com®, which connects people to the essential, accurate information needed to identify their perfect home and to the REALTORS® whose expertise guides consumers through buying and selling. As the official website for the National Association of REALTORS®, realtor.com® empowers consumers to make smart home buying, selling and renting decisions by leveraging its direct, real-time connections with more than 800 multiple listing services (MLS) via all types of computers, tablets and smart telephones. Realtor.com® is where home happens. Move's network of websites provides consumers a wealth of innovative tools and accurate information including Doorsteps®, HomeInsightSM, SocialBiosSM, Moving.com™, SeniorHousingNetSM, homefairSM and Relocation.com. Move supports real estate agents and brokerages by providing many services to grow their businesses, including ListHub™, the nation's leading listing syndicator and centralized intelligence platform for the real estate industry; TigerLead®; Top Producer® Systems; and FiveStreetSM; as well as many free services. Move is based in the heart of the Silicon Valley — San Jose, CA.
REALTOR® and REALTOR.COM® are trademarks of the National Association of REALTORS® and are used with its permission. These and all other trademarks used in this work are the property of their respective owners.
This news release may contain forward-looking statements, including information about management's view of Move's future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of Move, its subsidiaries, divisions and concepts to be materially different from those expressed or implied in such statements. These risk factors and others are included from time to time in documents Move files with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on Move's future results. The forward-looking statements included in this press release are made only as of the date hereof. Move cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Move expressly disclaims any intent or obligation to update any forward-looking statements to reflect subsequent events or circumstances.
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