Rising mortgage rates of interest formed home-owner perspectives and techniques for tackling home improvement tasks this yr. While the elevated rates didn’t considerably change general spending in 2023, they did have an result on the number of projects some owners took on this year. This year, 40% of householders reported taking up more home improvement work in response to rising interest rates that made moving or purchasing a brand new home much less feasible. Looking forward, 30% of house owners plan to undertake extra work next year, motivated by rising mortgage interest rates.

However, there may be slim pickings to choose from, with much less inventory to select from in comparability with previous years. Plus, consumers may be less desperate to make a suggestion as soon as an MLS listing goes energetic. Additionally, data suggests that seller worth reductions have turn into more prevalent since median listing costs peaked in …