A new survey by Bankrate.com shows that 6 in 10 homeowners have no plans to move.
In the survey taken by YouGov of 1,330 homeowners, only 30 percent said they expect to leave their current home in the next decade.
The survey reflects the state of the housing market in big cities, where a low number of existing homes are available for sale and prices keep rising.
In March, existing home sales grew for the second month, but remained below last year’s levels, according to the National Association of Realtors. Sales are partly being slowed by fewer choices. Total housing inventory is down 7.2 percent over last year, according to the Realtors group, and existing-home sales are down 1.2 percent over the same period. New home sales, on the other hand, are up 10.3 percent.
Home prices rose 6.3 percent in February over a year ago, according to the S&P CoreLogic Case-Shiller Home Price Index, CNBC reports. The 10 largest cities reported an average 6.5 percent increase in home prices, led by Seattle, Las Vegas and San Francisco. Builders cannot keep up with demand, and they’re choosing to build at higher price points, per CNBC.
Homeowners were almost twice as likely to remodel than move into a new home. In the Bankrate survey, 35 percent said they were remodeling or upgrading their home in the next five years, while only 19 percent said they would be moving in that same time frame.
The 2018 Home Renovation Trend Report showed that 55 percent of homeowners plan to do at least one project in the next year. Homeowners are expected to spend nearly $340 billion on repairs and renovations in 2018.
Original content SF Bizjournal