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.