New Western’s Kurt Carlton discusses the ‘Great Renovation’

The NAHB analyzed census data and found that the median age of a U.S. home has grown from 31 years in 2005 to 40 years in 2022. The builder trade group also concludes that “over the long run, the aging of the housing stock implies that remodeling may grow faster than new construction.”

The homes that New Western offers to investors, however, tend to be younger ones built during “that last big boom” prior to the housing crash of 2008 and “need major renovations for the first time ever,” Carlton explained.

“That’s really the type of inventory that we’re looking at — not necessarily the 100-year-old house and things like that,” he added.

Last year, New Western added 68,000 new investor clients, bringing its total to more than 200,000. The majority of these people remodel and resell properties within 30 miles of their own homes.

Kurt Carlton believes that real estate investors hold the keys — literally and figuratively — to unlocking a greater amount of affordable housing supply across the U.S.

Carlton said that the coming years present an outsized opportunity for investors who buy single-family homes and rehabilitate them before reselling them or renting them out. He calls this trend the “Great Renovation” and believes that it is poised to give the housing market a much-needed shot in the arm.

“We have 130 million families in the U.S. today. They need homes. That demand is continuing to grow,” said Carlton, the co-founder and details ⇒

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