Homeowners are opting to remodel rather than move

As mortgage rates rise, more homeowners are choosing to remodel rather than move.  

Residential remodelers spent more than $300 billion nationwide in 2018.  That trend should continue. 

"A move is hard and a move is not cheap in terms of transaction expense," said real estate analyst Wade Ragas.  "You have a lot of disruption in the household in terms of where we're going to and making the move, so moves are not easy." 

Ragas says we continue to be a country with a lot of in-migration also attracting a buyer who is more price sensitive.

"Remodeling is a long-term tradition in the U.S. so I don't think it's unusual," said Ragas. 

Industry forecasts call for an increase in home redoes and repairs this year.