Here is your home news digest to start the week. For a full look, check out our weekly news report.
🏡 It’s a story that’s been repeated over and over again in recent months: fewer people are buying homes, with high mortgage rates playing a big role in the phenomenon. But there have been fewer and fewer homeowners moving, a trend that has been consistent for the past twenty years. According to a new Redfin study, the typical homeowner stays in their home for roughly twelve years. This is down from the pandemic-era moving boom, but it’s still longer than the average tenure pre-pandemic and nearly double the tenure seen in 2005. Places where homeowners are locked into low mortgage rates and have low property taxes like California have an even longer average tenure.
🛠 It’s getting increasingly more expensive to move, so homeowners are choosing to stay put in invest in home remodeling projects. This is especially true for older homeowners who intend to age in place. In addition, the homes themselves are getting older, which has led to more repairs, renovations, and remodels than can help stave off projects that are even costlier later on.
🌱 DEWALT is expanding its lineup of power equipment to include tools that will help homeowners and professionals alike tackle the most demanding landscaping jobs. Just in time for spring, too! The lineup includes a brushless cordless backpack blower, a cordless pole pruner, gas mowers, and more. See the full lineup here.
- Sophie Kaemmerlé, Executive Editor
