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How investing in current home construction can pay off for patient homeowners.

In many states, the housing industry has become one in which supply cannot keep up with demand. There simply aren't enough available options for home buyers–other than those that enjoy bidding wars. Given the nature of the market, many homeowners seeking to relocate are instead opting to renovate their current homes.

In fact, according to independent research done by John Burns Real Estate Consulting, home remodeling is projected to surpass $300 billion this year. Improving on the house they already have can temporarily meet the owners' need for bigger and better, while increasing the overall value of the home. The decision to renovate also buys them some time, in the hopes that the housing market will level out and have more to offer.

This is good news for the construction industry, as major overhauls in key areas of the home are in high demand. Kitchens and bathrooms top the list of rooms undergoing construction, as current homeowners and sellers alike know that these renovations, in particular, can boost sale prices. Spending on these types of remodeling projects is expected to grow over the next three years.  By staying put and investing in their current homes, owners stand to drastically increase their ROI and expand their price range for a new home when the time is right.