Fixer-Uppers Are Losing Appeal | Business and Finance News

Fixer-uppers are losing their charm as homes needing work now sell for 14% less than move-in-ready ones — nearly double last year’s discount. High inflation, soaring material and labor costs, and a shortage of workers have made renovations unaffordable and painfully slow, crushing dreams of DIY home transformations. With mortgage rates and prices already straining first-time buyers, many are forced to tackle repairs piecemeal or DIY — a far cry from the “Chip and Joanna Gaines” era. Even big retailers like Home Depot and Lowe’s are feeling the squeeze as the nation’s aging housing stock demands costly updates, while new government programs offer only partial relief. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/105d0c53f82bb061