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ยป VISIT US ONLINE @ DSNEWS.COM 23 The best defense for a better neighborhood Real People, Real Results www.assero24.com/defense INVENTORY SHORTAGES LEADING HOMEOWNERS TO RENOVATE Potential homebuyers are having their plans hampered by limited availability and affordability, leading some to consider staying in their current home and renovating instead. at's according to a new report by the National Association of Home Builders, released in January during the NAHB International Builders' Show in Orlando. NAHB reports that housing starts increased 9 percent year-over-year in 2017, but housing availability and affordability remain serious obstacles to many homebuyers. Of the potential homebuyers surveyed by NAHB, 65 percent don't see any relief for these problems coming in 2018, 79 percent of prospective buyers told NAHB they can only afford half the homes in their markets. "ese potential buyers see a problem with housing availability," said Rose Quint, AVP of Survey Research for NAHB. "ey know it's a tough nut to crack, but they are not deterred. ey are still planning to buy a house in the next 12 months." e inventory and affordability issues also are leading more homeowners to stick in their current homes longer than they otherwise would. According to NAHB, homeowners are staying in their homes an average of 12 to 13 years, and that longer timeline means many homeowners are looking to renovate. NAHB reports the top five renovation projects homeowners are considering include changing paint colors (48 percent), changing flooring (43 percent), or fixing up their kitchen, bathroom, or outdoor areas. at holds true for both luxury homes and mainstream homes (the latter defined as those owned by homeowners with an income of less than $125,000 per year). According to NAHB, the average home size for 2017 was 2,627 square feet, more or less unchanged from the 2016 total of 2,622 square feet. Forty-six percent of homes had four or more bedrooms in 2017, as compared to 45 percent in 2016. NAHB reports that 37 percent of homes had three full bathrooms in 2017, up from 35 percent in 2016. Per NAHB's surveys, homes built in 2018 likely will include "a walk-in closet in the master bedroom, separate laundry room, a great room, nine-foot ceilings on the main floor and granite kitchen counters." Energy- saving perks such as Energy Star-certified windows and appliances are also on track to be very popular in the year ahead. Furthermore, apparently not every potential homeowner puts a premium on having a lot of space. According to NAHB, 53 percent of respondents said they would consider buying a home smaller than 600 square feet at some point in their lives, with Gen Xers and millennials considerably more open to the idea than Baby Boomers or seniors.