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Realestate Today

2016 wasn’t really a perfect year for real estate

On one hand, high demand coupled with low interest rates fueled the activity in the housing market, so in some markets, both the sales and prices flourished.

On the other hand, the low number of houses for sale helped drive the average median home prices pushed home affordability down later in the year.

Simply put, 2016 was a rather mixed bag… but what about this year?

The State of Real Estate in 2017

Since the second half of 2016 was strong, the real estate market started seeing homes selling even faster this year. Last year, according to Redfin research, an average home-buyer spent 83 days looking for a new home – a 7 days decrease from 2015 – and a typical home stayed on the market for about 52.

This is actually the shortest period of time homes spend on the market, since the market crash in 2008.

And as Redfin researchers expect, the homes are only going to sell faster this year. What’s more, the number of sales is expected to reach 6 million by the end of the year, according to research from the National Association of Realtors. This will actually be the best year for home sellers since 2006.

So if you’re looking to sell your house and relocate... this is actually the perfect time for it.

How to Boost the Resale Value of Your Home?

  • Replace Your Front Door

If you’re home some good landscaping, the next thing your potential buyer’s eyes will travel to is your front door. Surprisingly, they play a huge role in your house’s resale value. As a matter of fact, according to a 2015 survey conducted by the Remodel Magazine, replacing an old door can have one of the largest returns of any home improvement you can do on your own. And if you decide to refurnish your door, just make sure that you’re using modern, quality materials and pleasant color scheme.

  • Refresh Your Bathroom a Bit

According to a survey conducted by Consumer Reports, around 53% of real estate agents agree that the bathroom and kitchen are the two of the most important rooms of the home to have in good shape. But be careful not to go overboard when remodeling the kitchen, because according to Home Advisor, an average modern kitchen remodel costs around $20,000. On the other hand, a decent bathroom upgrade will cost you only around $500 and will add a ton of value in time for open house day.

  • Make Some “Smart” Additions to Your Home

If you’re looking for a target demographic to market your house to, millennials are the perfect group, because according to National Association of Realtors, they now compromise more than 35% of all homebuyers. And what you need to know about this generation? Well, most of them are quite tech-savvy, so the addition of smart-home tech upgrades will add a lot of value to your house. So the addition of smart lighting, thermostats and locks can possibly a big draw for millennials…

  • Add Some Curb Appeal to Your Property

While most people will tell you that the interior is what’s going to get your house of the market, they often forget about the importance of curb appeal. As it turns out, it matters a lot. For example, a simple tree cover could increase the value of your home up to 9% according to research from the Department of Agricultural and Applied Economics. Moreover, landscaping and your house’s exterior add equally to its value so you shouldn’t ignore them as well…

  • Clean the House and Yard up a Bit

Lastly, if you’re planning to put your house on the market, you need to make sure that everything is spotless if you want to sell it anytime soon. As Kathy Partak of Select Estate Properties puts it, “if it’s dirty, it won’t sell.” While this might surprise you – cleanliness of your house and backyard is one of the biggest factors in selling your home. Therefore, you should try your best to keep things clean, and if needed, get some junk removal services to help you with the ordeal.

What Not to Do When Trying to Sell the House

Now, if you’re planning to put your house on the market in the next 12 to 24 months, you shouldn’t invest money in home improvement projects that won’t boost the resale value of your place too much. These projects include:

  • Garage Additions – although they will add some value to your property, garage additions are large projects that can cost ten thousands of dollars.

  • Home Office Remodeling – you might be tempted to make some high-tech additions to your home office to attract entrepreneurs, be aware that most people don’t need luxury offices.

  • Outdoor and Indoor Pools – depending on the type, a pool can cost anywhere between $20,000 to $70,000 and a pool raises both energy costs of your house and the homeowner insurance.

Final Thoughts

Most homebuyers, especially first-timers, have an exact limit on what they can spend for a home. And if they know that they won’t have to spend too much money on the upkeep of basic systems, they’re more likely to buy the home and do some upgrades themselves, according to general contractor of 18 years, Don Sever.

This means, while you’ll need to do some while you’ll need to do some upgrades, you shouldn’t spend too much money on doing unnecessary upgrades that won’t significantly raise the price of your property.

And if you’re a first-time seller yourself, try not to take any comments personally. While tempering your emotions will increase the value of your home, it will definitely speed things up. Whatever comments are made about your property, they probably aren’t intended as a personal insult. So you should take your emotions out of the equation because you don’t want them to get in the way of a sale.

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