Sell My House in MD | Are Homeowners Renovating to Sell or to Stay?

 

Most real estate brokers and agents don't really have all the tools needed to provide 100% selling services to sellers that need to sell their houses  quick, for cash and at a fair price.   

This is why we have integrated fully with all the data on the MLS and became a real estate source to thousands of investors in the MD, DC & VA region.   

In order for most consumers to take advantage of the competition between these investors, we've created the perfect system. If you are in the market to sell you home and you are in need for a fair offer  right away... you've come to the right place.   

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Today, I would like to talk to you about Are Homeowners Renovating to Sell or to Stay?

 

Over the past few years, two trends have emerged in the housing market:

 

 1.- Home renovations have shot up

 2.- Inventory of homes available for sale on the market has dropped

 

A ‘normal’ housing market is defined by having a 6-month supply of homes for sale. According to the latest Existing Home Sales Report from the National Association of Realtors, we are currently at a 4.4-month supply.

This low inventory environment has many current homeowners worried that they would be unable to find a home to buy if they were to list and sell their current houses, which is causing many homeowners to instead renovate their homes in an attempt to fit their needs.

According to Home Advisor, homeowners spent an average of $6,649 on home improvements over the last 12 months. If that number seems high, it also includes homeowners who recently bought fixer-uppers.

A new study from Zillow asked the question,

“Given a choice between spending a fixed amount of money on a down payment for a new home or fixing up their current home, what would you do?”

Seventy-six percent of those surveyed said that they would rather renovate their current homes than move. The results are broken down by generation below.

More and more studies are coming out about the intention that many Americans have to ‘age in place’ (or retire in the area in which they live). Among retirees, 91% would prefer to renovate than spend their available funds on a down payment on a new home.

If their current house fits their needs as far as space and accessibility are concerned, then a renovation could make sense. But if renovations will end up changing the identity of the home and impacting resale value, then the renovations may end up costing them more in the long run.

With home prices increasing steadily for the last 6.5 years, homeowners have naturally gained equity that they may not even be aware of. Listing your house for sale in this low-competition environment could net you more money than your renovations otherwise would.

 

Bottom Line

If you are one of the many homeowners who is thinking about remodeling instead of selling, let’s get together to help you make the right decision for you based on the demand for your house in today’s market.

 

Source.. KCM Fernando Herboso Blog

 

To show my commitment to my clients, I will utilize the latest technology, know-how and information allowing me to bring you the best and highest offer for your house. 

To connect with me directly, 

Please call Fernando at 301-246-0001

Or via email:  Fernando@ReallyNiceHomes.com 

If you are thinking of selling your home in a more traditional way... Let Fernando take over the marketing of your property with our unique 99 STEPS system 

www.99SOLD.com - Call or text 240-426-5754 for more information