'It is expensive': Homeowners weigh renovations over purchasing in hot housing market

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Saturday, September 17, 2022
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A survey done not so long ago found that almost 80 percent of homeowners would rather renovate their home than move to a new one.

RALEIGH, N.C. (WTVD) -- A survey done not so long ago found that almost 80 percent of homeowners would rather renovate their home than move to a new one.

Wake Forest resident Regina Teasley and Raleigh resident Sheryl Merritt are staying put in their homes and looking for ways to modernize things.

The Southern Ideal Home Show is serving as a hub of ideas.

"I'm specifically interested in outdoor living space, so I wanted to see what they had out here for that," said Merritt.

"It is expensive, but that's why you have to do it piece-by-piece," said Teasley. "We've actually been doing some improvements over the last couple of years, but I want to do a little bit more."

The other option is buying new. It remains a difficult task for so many people.

Mortgage rates are now topping 6 percent for the first time since the housing market crash of 2008.

The latest data from Redfin shows in August, home prices were up more than 12 percent in Raleigh from last year, 13 percent in Durham and more than 17 percent in Fayetteville.

Vendor Al Larkin is noticing a trend as he travels around the country attending shows.

"The people that are coming out, they are more serious shoppers. They're more open-minded to purchasing our items," said Larkin.

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