Economic Shifts Ignite $485 Billion Remodeling Wave: Homeowners Opt for Renovations Over Buying New Homes

Milpitas, CA – Most homeowners are opting to remodel and renovate their houses due to rising interest rates. With 30-year mortgage rates rising upwards of 7%, many current homeowners are choosing not to sell their existing properties for fear of taking on newer, costlier mortgages. The alternative to this is making their existing abodes more comfortable, meaning hiring experts like DreamHome Remodeling & Builders to deliver professional remodeling solutions.

Although home building activities are picking up, more homeowners are faced with rising costs and inflation, which means less disposable income for their households. This also means they are less likely to take on new risks that could impact their financial stability and ability to pay their mortgages.

DreamHome Remodeling & Builders and its team understand the effect of rising mortgage and home costs on the real estate market, especially in California, and are helping existing homeowners upgrade their homes. The company’s spokesperson noted that their home remodeling services not only help existing homeowners save time and energy on selling their properties, but they ensure that they also save money in the short and long run.

Eli Kiselman, speaking for the home remodeling contractors, noted that the average monthly mortgage (based on average 30-year mortgage rates and home prices) has risen by at least 85% in the past 20 months, according to the National Association of Realtors. The rise in average monthly mortgage, according to the association, jumped from $1,212 in January 2022 to $2,243 in August 2023.

He noted that not many homeowners can afford to let go of their existing mortgage rates to brave the new market conditions. Therefore, the company is stepping in by helping homeowners achieve the comfort of their dreams and improve their property prices in the market, all without selling or taking on a new mortgage.

Speaking on how they achieve each homeowner’s dreams, the company’s spokesperson noted that they provide a wide range of home remodeling services. He maintained that their services are carefully planned and executed to keep customers happy while delivering a masterpiece that brings their dreams to life.

The remodeling company offers solutions like kitchen and bathroom remodeling, new constructions and home additions, as well as ADU and 3D designs. Homeowners looking to work with DreamHome Remodeling & Builders can expect precise measurements, high-quality materials throughout the remodeling project, professional staff, and large equipment ready to use, as well as excellent customer service from start to finish.

Milpitas homeowners and those across California can request a complimentary remodeling estimate from DreamHome Remodeling & Builders via their website or phone line at (408) 539-2534. The company is located in Milpitas, California 95035 US.

Media Contact

Company Name
DreamHome Remodeling & Builders
Phone
4085392534
City
Milpitas
State
California
Postal Code
95035
Country
United States
Website
https://dream-home-remodeling.com/

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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Everest Market Insights journalist was involved in the writing and production of this article.