Wednesday, October 19, 2011
Monday, October 17, 2011
The Market Today
| For Week Ending October 1, 2011 Reported Directly from Minneapolis Area Association of Realtors |
| With the final week of the third quarter in the books, buyers posted solid gains over last year's activity levels while sellers listed fewer properties on the market. As is typical for this time of year, expect some seasonal changes to start taking hold. Market activity may slow from one month to the next but should still show favorable year-over-year progress. The lending climate improved even more last week as interest rates dipped below 4.0 percent for the first time ever. In the Twin Cities region, for the week ending October 1: • New Listings decreased 21.0% to 1,219 • Pending Sales increased 32.7% to 926 • Inventory decreased 22.8% to 23,177 For the month of September: • Median Sales Price decreased 6.0% to $156,000 • Days on Market increased 4.6% to 137 • Percent of Original List Price Received increase 0.5% to 91.2% |
Monday, October 10, 2011
Housing Upgrades That Aren’t Worth It
By Melissa Dittmann Tracey, REALTOR Magazine
When upgrading, home owners often seek features that aren’t only desirable to them but also what will add value to the home when it comes time for resale. Certainly, the annual Cost vs. Value survey can be one of your biggest assets in helping to advise clients. The annual survey by Remodeling Magazine, in conjunction with REALTOR Magazine, reveals specific remodeling projects that offer the biggest returns at resale.
But what is some more general advise to help guide home owners when it comes to upgrades? An article at Bankrate.com from 2008, we feel still offers some practical advice that applies today when determining how to upgrade a house and add value–not lose value. Here are a few general tips from the article about judging housing upgrades for resale that may or may not be worth the expense:
Too high maintenance. Many buyers aren’t looking for homes that require too much upkeep and maintenance (hence, part of the reason behind the small-home, downsizing movement). The article notes in-ground swimming pools as a prime example of a high-maintenance feature that may turnoff many buyers as they look at the upkeep of it as too costly and too much work. (See: Are Pools Worth the Expense?)
Over-the-top. Home owners don’t necessarily want to have the most upgraded home on the block. That’s because when they go to sell it, they likely won’t make all their money back on the upgrades if the home becomes overvalued for the neighborhood. So while granite countertops, stainless steel appliances and all the top finishes are always an attraction, home owners need to ask whether such features are too much for their neighborhood, particularly if the other homes just have moderately priced cabinets or features.
Too personal. Too much customized design choices, such as a Tuscan theme taken to the extreme, may turn off buyers or attract low-ball offers at times of resale because buyers who may have differing tastes see the decor and finishes as something they have to do-over. “Any time you deviate, no matter what the improvement is, from what is a fairly traditional, single-family house, you run the risk of improving in a fashion that will not lend itself to additional dollars,” Miami real estate pro Moe Veissi told Bankrate.com.
Read more tips at Bankrate.com, or share more of your upgrading tips here.
When upgrading, home owners often seek features that aren’t only desirable to them but also what will add value to the home when it comes time for resale. Certainly, the annual Cost vs. Value survey can be one of your biggest assets in helping to advise clients. The annual survey by Remodeling Magazine, in conjunction with REALTOR Magazine, reveals specific remodeling projects that offer the biggest returns at resale.
But what is some more general advise to help guide home owners when it comes to upgrades? An article at Bankrate.com from 2008, we feel still offers some practical advice that applies today when determining how to upgrade a house and add value–not lose value. Here are a few general tips from the article about judging housing upgrades for resale that may or may not be worth the expense:
Too high maintenance. Many buyers aren’t looking for homes that require too much upkeep and maintenance (hence, part of the reason behind the small-home, downsizing movement). The article notes in-ground swimming pools as a prime example of a high-maintenance feature that may turnoff many buyers as they look at the upkeep of it as too costly and too much work. (See: Are Pools Worth the Expense?)
Over-the-top. Home owners don’t necessarily want to have the most upgraded home on the block. That’s because when they go to sell it, they likely won’t make all their money back on the upgrades if the home becomes overvalued for the neighborhood. So while granite countertops, stainless steel appliances and all the top finishes are always an attraction, home owners need to ask whether such features are too much for their neighborhood, particularly if the other homes just have moderately priced cabinets or features.
Too personal. Too much customized design choices, such as a Tuscan theme taken to the extreme, may turn off buyers or attract low-ball offers at times of resale because buyers who may have differing tastes see the decor and finishes as something they have to do-over. “Any time you deviate, no matter what the improvement is, from what is a fairly traditional, single-family house, you run the risk of improving in a fashion that will not lend itself to additional dollars,” Miami real estate pro Moe Veissi told Bankrate.com.
Read more tips at Bankrate.com, or share more of your upgrading tips here.
Subscribe to:
Posts (Atom)