Real estate’s new normal: Homeowners staying put

By Conor Dougherty | The New York Times

Stay or go? Rising interest rates are encouraging homeowners like Greg Rubin of Escondido, Calif., to renovate their homes instead of moving to a bigger place. Credit Sandy Huffaker for The New York Times

For much of last year, Greg Rubin was looking to buy a bigger house. He has been in the same two-bedroom home for 17 years and hoped to upgrade to a place with a guest room, a home office and a workshop for his guitars, radio-controlled planes and gardening equipment.

This year, Mr. Rubin has a new plan. He stopped looking and embarked on an ambitious renovation project that will begin with a new kitchen and end with a workshop for all the man toys.

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