Homeowners Renovating Rather Than Selling

Despite the seller's market, Zillow predicts homeowners are more likely to renovate their homes than move in the coming year.

That could make the low inventory crisis even worse.

Why renovate rather than move? Because there may be nothing out there for the seller to buy.

"Where do you go? Right? I think that's everyone's battle right now, the inventory's low," Cameron Reith with Greenhome Solutions said.

The Lindstrom family plans to stay in their Edmonds home. They're replacing their living room carpet. But they are on their contractor's wait list.

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"It's taken this long for him -- about three and a half months, four months -- before he's freed up enough to come out and do our project," Julie Lindstrom said.

That means business is good for contractors.

"It used to be the winter was slow times. There is no slow time. It's all pretty busy," Clint Martin with M Squared Construction said. He says he gets calls and texts all day long from people looking for renovations and estimates.

It's a clear message many homeowners are staying put in a tight market.

"Sure, it's a great time to sell a house, but it's a horrible time to buy a house," Martin said.

Zillow says home price growth will slow down to about four percent. It has been growing at about seven percent in the past year.

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