BETHESDA, MD / ACCESSWIRE / June 28, 2019 / As a home building and remodeling expert in the Washington, D.C. Metro area for over 35 years, Mark Scott, owner of MARK IV BUILDERS, highlights housing trends in the Metro DC-Area market, and their effect on the remodeling and professional services industry.
Contrary to national housing trends, the DC region has seen a massive decline in the number of homes for sale so far in 2019. With a drop of almost 31% in the first quarter compared to last year, this dramatic shift is the largest of any major metropolitan area. As a result, home buying is in one of its most competitive and expensive phases, forcing prospective home purchasers to alternatively embark on a home remodel. This solution can allow people who are content with location but looking for a structural change to achieve their housing goals.
"With DC's particularly competitive housing market this year, we are likely to see higher prices across the board. This trend typically correlates with increased spending on remodels," says Mr. Scott. Nationally, home repair spending is expected to increase in 2019, up 5.1% since last year and, in DC, this increase will likely be even higher than the national average.
In today's economy, homeowners have become particularly aware of the Return on Investment they can achieve from a remodel. This reflects an intention to sell in the future, rather than age-in-place. People are seeing the largest ROI for exterior repair projects such as a new garage door (97%) or a new deck addition (76%). There is also a surprisingly high return rate on a minor kitchen remodel (81%), which is proving to be an extremely common project in 2019. This remodel upgrades an area of the house which many consider the most important, while also contributing towards a boost in sale value down the road.
"Though we are currently experiencing particularly tight markets, the future of home buying in Washington will likely look quite different. The Baby Boomer generation will soon reach the age for which relocation and downsizing is the common trend. As a generation that owns approximately 40% of the DC housing share, this shift in consumer trends will have a massive impact on the market. The lack of selection that we are experiencing today will become obsolete with such a sudden influx of housing availability, and again we will see a shift in buyer capabilities. This reality further lends itself to remodels focused on maximizing ROI, as home turnover seems more likely in the future. Though the trends today lend themselves to staying in place, the tendency tomorrow may be to get up and go."
Mark Scott is a home remodeling and design-build expert with over 25 years of experience working in the Washington, DC area. His design-build firm, MARK IV Builders, offers quality construction services for all types of home improvement projects.
CONTACT:
MARK IV BUILDERS Website - http://www.markivbuilders.com/
MARK IV BUILDERS Facebook - https://www.facebook.com/MARKIVBuildersInc/
MARK IV Builders, Inc. is headquartered at: 1 Tomlinson Court, Cabin John, MD 20818. 240-395-0400
SOURCE: MARK IV Builders, Inc.