Matt Vernon

Over a quarter of homeowners are using funds intended for new homes to renovate their current properties due to affordability challenges and high interest rates. Bank of America's Matt Vernon notes that homeowners prioritize functional upgrades like kitchens and bathrooms to enhance resale value, while avoiding non-essential features that may not appeal to future buyers.

Over 25% of homeowners are using funds intended for new homes to renovate their current properties due to affordability challenges, high interest rates, and community attachment. Experts recommend prioritizing functional upgrades like kitchens and bathrooms to enhance resale value, while cautioning against costly, niche features like home theaters.

A Bank of America report finds that over 25% of homeowners are using funds intended for moving to renovate their current homes due to affordability challenges and high interest rates. Homeowners are prioritizing upgrades like kitchens and bathrooms to add future resale value while avoiding relocations that disrupt communities and personal networks.