The pandemic has caused endless ripple effects - supply chain issues, labor shortages, inflation, a recession - all of which have culminated in both sellers and buyers wanting to avoid renovations at all costs.

A recent report revealed that in the face of inflation and historically high interest rates, millennials aren’t opting for cheaper homes, they are saving more to buy better homes. And while 77% still believe that buying a home is the American dream, most are prepared to max out their budget to get there. In fact, nearly half of millennials said they are willing to max out their budget to avoid renovations after buying.

This trend is evidenced by a 14% decrease in the number of millennials who would buy a fixer-upper, and nearly half admitting that having to make repairs is their chief concern of buying a home.

With inflation growing every day, speed is more valuable than cash. Our dollars are growing weaker, so sellers and buyers are looking for fast solutions to maximize their savings and returns on investments.

The majority of millennials said the home buying process has reduced them to tears, and after endless frustrations, delays, and interest spikes, buyers want their dream home and are willing to pay more to have it now - renovation-free.

This shift does not stop at buyers. Sellers are already hesitant to make presale updates - and the rising cost of nearly everything has only made that resistance grow.

With labor shortages, global supply chain and production issues, and everything costing more, it’s natural for sellers to be hesitant to invest in a home they are leaving. But in selling as-is, sellers are leaving money on the table.

This means that both buyers and sellers would rather take a financial hit than invest time, energy, and money into renovations.

We’re no longer talking about multiple offers above ask. We’re seeing more homes sitting and being pulled off the market because buyers simply don’t want to buy something that’s not move-in ready.

With the current state of the market, agents need to be advising clients that presale updates are no longer an option.

At Renovation Sells, we understand that not only can that agent-client conversation be tough, but overseeing and managing presale renovations can feel nearly impossible and cause significant delays in the listing process.

That’s why you need a partner who will handle it all - from financing, so your sellers don’t have to pay out of pocket, to market-specific design, to contractor and material sourcing. We make presale renovations quick, simple, and hassle-free so your sellers can update, sell and move on. That’s how Renovation Sells.