Welcome to 2010. The Vancouver Olympics are in full swing, the economy has shown signs of life and the average American still can’t get a loan to buy a home!
The factors contributing to our current economic ‘situation’ have produced a climate where….LENDERS WONT LEND MONEY!
As we all know, the Real Estate Market is a huge part of our national economy. Until the credit crunch loosens and banks begin to lend money, the Real Estate Market will remain tight and it will remain a BUYERS MARKET. But,it’s a buyers market only in the sense that SELLERS are not getting the prices they were getting a few years ago and there are not enough qualified BUYERS to put upward pressure on home prices.
What can SELLER’S do to combat these evil forces? What can home sellers do to get the 20% appreciation they are entitled to?
Well there are some things homeowners can do to increase the value of their home and help them to get a fair price on their home when it is time to sell. Firstly, the days of 20% appreciation are gone, so we might as well get used to that now. Despite the gloom and doom seen all over the news, there still are many qualified buyers searching for a home. Not all buyers are looking for distressed and bank owned properties.
With a few simple home improvements, sellers can as least know they are putting their best foot forward when getting their home on the market. ( I’ll just mention here that every homeowner owes it to themselves to consult with a Realtor before putting their property on the market…See my other blogs….and its financially prudent.)
What improvements bring the most value for resale? Typically, bathrooms and kitchens are the most secure in getting your investment back out when you sell. These items are also the most prominent for new homebuyers and can increase your sale price as well as set you apart from other homes. Finished basements are also popular but do not raise the market value of the home much.
But what about exterior improvements?
A December report released by The National Realtors Association shines the light on this very subject.
The article state “the smartest home improvement investments may also be some of the least expensive. Results from the 2009 Remodeling Cost vs. Value Report show that small-scale exterior projects are the most profitable at resale, according to estimates by Realtors® who completed a recent survey.”
In todays Real Estate market, Sellers need to keep on top of the trends and what buyers are looking for. The competition can be fierce, many sellers trying to attract fewer buyers….supply and demand..ecomonics 101..thanks Professor Bellinger…Dickinson College.
– Cal Williams