• CMG MORTGAGE, INC. NMLS #1820
  • Doug Luza
  • News
  • Granite Countertops, Wood Cabinets, and Stainless Steel Appliances Top Renovation Wish Lists

Granite Countertops, Wood Cabinets, and Stainless Steel Appliances Top Renovation Wish Lists

  • July 25, 2017

Zillow reports that buyers are more open to “fixer uppers” than ever before.  With the rising popularity of home renovation shows, limited available housing inventory, and budgetary restrictions, first-time home buyers, especially millennials, are exploring options in need of repair or renovations over starter homes. 

Zillow chief economist Svenja Gudell acknowledged the influence of home renovation shows on today’s buyer.  She said, “In general, buyers today are a lot more educated about the real estate market in part because they watch more HGTV, and come across certain terms and processes in mainstream media.” 

The National Association of Home Builders (NAHB) reports the most popular kitchen renovations include wood cabinets (85%), stainless steel appliances (79%), and granite countertops (64%), all staples of home renovation shows like “Property Brothers” on HGTV.  First-time home buyers are also getting more specific with their home searches, also.  According to the Chase Search for Home Snapshot, as of April 2017, the top five home styles searched on Google were mansion, yurt, bungalow, brownstone, and minka.  In a heated housing market, shoppers are narrowing their searches and making moves quickly when interested in a certain style of home. 

However, despite the potential for costs savings, budgeting is often reported as the “biggest shock” for renovators.  Home renovation shows also depict unrealistic timeframes for renovation projects.  Renovators that end up carrying the cost of their fixer upper’s mortgage plus the cost of the rent for their current living situation may be in for a surprise. 

 

Sources: MarketWatch

Doug Luza
Branch Manager
NMLS # 311377
Branch NMLS # 1198991


Doug Luza

PHONE: (832) 575-2210
dluza@cmgfi.com

APPLY NOW
CMG Image
© CMG Financial, All Rights Reserved. CMG Financial is a registered trade name of CMG Mortgage, Inc., NMLS ID #1820 in most, but not all states. CMG Mortgage, Inc. is an equal opportunity lender with corporate office located at 3160 Crow Canyon Road, Suite 400, San Ramon, CA 94583 888-264-4663. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act No. 4150025; AK #AK1820; AZ #0903132; Colorado regulated by the Division of Real Estate; Georgia Residential Mortgage Licensee #15438; Illinois Residential Mortgage Licensee; Kansas Licensed Mortgage Company #MC.0001160; Massachusetts Mortgage Lender License #MC1820 and Mortgage Broker License #MC1820; Mississippi Licensed Mortgage Company Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the New Hampshire Banking Department; Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker – NYS Department of Financial Services; Ohio Mortgage Broker Act Mortgage Banker Exemption #MBMB.850204.000; Licensed by the Oregon Division of Financial Regulation #ML-3000; Rhode Island Licensed Lender #20142986LL; and Licensed by the Virginia State Corporation Commission #MC-5521. CMG Mortgage, Inc. is licensed in all 50 states and the District of Columbia. Offer of credit is subject to credit approval. For information about our company, please visit us at www.cmgfi.com. To verify our complete list of state licenses, please visit www.cmgfi.com/corporate/licensing and NMLS Consumer Access (www.nmlsconsumeraccess.org).