Home Renovations that Yield the Best Return on Investment

Updating an older home can be overwhelming. When deciding how to spend your home renovation budget, it’s good to know which projects yield the best return on investment. Various sources such as U.S. News and CBS News state that updating kitchens and bathrooms will improve a house’s value (with a return on investment as great as 75.4%). Ways to improve your kitchen without completely redoing it include refinishing surfaces, upgrading appliances, and installing new light fixtures. 


Other sources, including This Old House Magazine, emphasize the importance of improving a house’s curb appeal, thus enhancing a buyer’s initial perception of a property. Projects that enhance curb appeal include replacing your entry door and garage doors with updated, steel models. It’s also a good idea to update your windows. Keeping a well-maintained lawn is one of the simplest ways to enhance curb appeal. 

When it comes to adding on to your home, outdoor decks offer a decent return on investment. Home offices with built in furniture, however, do not. This limits what the next homeowner can use that room for. Another unadvisable project is adding a pool. Many buyers see pools as a pain to maintain (not to mention, they decrease the usable size of the yard). Homeowners who add a pool should do so only for their personal enjoyment, not as a means to increase their property’s resale value. 

Want additional advice? Feel free to contact me.

Good News for Sellers: The Housing Market Continues to Pick Up!

It would have been hard to believe last year, but The Columbus Dispatch reports that lately buyers in certain areas have found themselves in bidding wars and same-day sales. Some even put in offers above asking price—which still isn’t always enough to guarantee them the home. The seller’s market in these pockets of Columbus is due to a low housing inventory, which shortens the time a house is on the market and increases the price of the home. While a six month housing supply indicates a balance between buyers and sellers, the Columbus area contains less than a 4.8 month supply. This trend shows no signs of stopping. As of March 2013, home sales had risen for 15 consecutive months. Perhaps even more encouraging, buyer traffic has increased by a quarter in the past year.

The bottom line:

Buyers—move quickly

Potential sellers—now’s the time! See how I can help.

Housing Prices Held Back by Low Appraisals

As we move to a seller's market with low inventory and many multiple offer situations, Buyers and Sellers face an equally frustrating challenge. Housing prices are being held back by low appraisals. Supply and demand are creating an environment where home price appreciation is possible, only to have appraisals cause the contract to fall out. In an article published by the National Association of Realtors, major problems reported by Realtors® include:

• Some appraisers are using foreclosures, short sales and run-down properties as comparable homes, and are not making adjustments for market conditions or the condition of the property.
• Appraised values that do not reflect market conditions such as rising prices, the presence of multi-bidding and low inventory.
• Appraised values are very inconsistent and fluctuate widely.
• Out-of-town appraisers, who are not familiar with the area or local market conditions, are being used.
• Turn-around time by both appraisers and banks is slow, which delays closings.

Hilarious Clip from The Money Pit

Home improvement can be overwhelming. If you are a homeowner, you can probably sympathize with Tom Hanks' character in this scene of The Money Pit. Watch (or skip) to the end for his infectious, borderline-lunatic laugh!

Thieves Target Houses for Sale!

 

 "Is your refrigerator running?"

Well, you should probably catch the guy trying to steal it.

Check out this video from 10TV News!

 

Thieves Target Houses For Sale

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If you are thinking of selling your home you might be interested to know that the top 3 things the majority of homeowners do prior to putting their house on the market involve painting, replacing flooring and updating light fixtures. This video also includes some interesting tips on staging your home for sale. Click below to check it out.

This Month in Real Estate - September 2011