Tag Archives for " Home Value "
So far as we have seen in winter of 2017, homes for sale in the Carolinas continue to be in high demand. Housing needs are being met in South Carolina, where there is currently a moderate supply for buyers, as it is one of the Top 10 States for Getting a Mortgage. North Carolina lags behind, though the State still remains strong overall. Homeowners should take note that now is still the perfect time to put your North Carolina home for sale on the market! Here are 5 reasons why:
1. Cities in North Carolina are ranked among the 10 healthiest US housing markets right now. This includes Charlotte, as well as Raleigh, Durham, Chapel Hill, Concord, and Gastonia.
2. Serious buyers are the ones who browse for homes during the winter months. With less competition, they are more likely to buy a home (and at their asking price), rather than engage in a bidding war. Plus they will close on a home faster, which is important if needing to move-in on a deadline due to job relocation.
3. There has been an increase in consumer spending. Just ask home builders, who have seen a rise in bart traffic so far in 2017, who are confident that the robust economy and job market will trigger first-time and move-up buyers to make housing purchases throughout the year.
4. Rental rates are higher than making monthly home loan payments. The market is trending as an overall “buy territory” according to the BH&J Index. As much as 30% of a renter’s income goes toward monthly rent payments, compared to a homeowner whose average mortgage payment is only 15% of monthly income. In 2016, the average 1 bedroom rental was $838 in North Carolina, and $882 in South Carolina.
Among the biggest rent increases by city, Raleigh was ranked #3 at a 3.8%, and Winston-Salem was ranked #6 at 3.1%. Homeowners in North Carolina have the advantage of not being one of the Worst States to Get a Mortgage. The bottom line is that if renters or homeowners plan on staying where they are, it makes sense to own rather than rent, to take advantage of saving money in the long-term.
5. Home equity rates continue to increase. Despite higher prices on homes for sale, the good news is that homes are valued at higher rates than before, and are only going to keep increasing as this year unfolds. This will give homeowners some money where they need it: for home improvements, paying off debts, funding investment properties and other large purchases, and sending their children to college.
Sell Before The Busy Spring Market Begins
By selling your home in order to meet the current market demands, not only will you have a great Return on Investment (ROI) because of less competition, but the State will be able to maintain its healthy growth and continue to make room in its surging population for more new residents for the rest of 2017 and ensuing years.
Showcase Realty LLC serves homeowners by assisting with the sale or property management of their rental homes. Speak with our real estate experts today to see how you can enjoy the maximum return on your investment.
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Whether you're putting your home on the market this year or in the next five years, it is a smart decision to start building your home's resale value now. Here are some ways to create a comfortable home while making it easier to put more money into your bank account on closing day.
Small Maintenance and Repairs
If you think that home maintenance on the week-ends is a low priority, think again. The small chores you do around your home prevents it from losing value. Neglecting small maintenance and repairs causes 10% of your home's value to walk out your door and slip through your windows. Most appraisers claim that homes showing little to no preventative maintenance can depreciate from $15,000 to $20,000!
Preventative maintenance can also actively increase your homes resale value - according to a recent study, by about 1% per year! Also, because homebuyers generally notice any repairs needed upon buying a new home, proactive maintenance lets the homebuyer know that he or she will not have to spend extra money to maintain the basics. This makes your home more attractive, and thus more likely to get higher priced offers.
Remodeling Ideas and Tips That Work
Studies show that a home valued at $150,000 could increase is value between $8,300 and $19,000 with the addition of Landscaping. These studies also note that positive landscaping can reduce the amount of time your home spends on the market!
Changing out the doors of your home is also generally a smart design choice. Lately, fiberglass and steel doors are a coveted aesthetic by home buyers. A steel door costs $1,335 but has a whopping 91% return on investment. A fiberglass door, on the other hand, costs about $3,126 with an 82.3% return on investment. Likewise, a new fiber glass or steel garage door distinguishes your home from the rest on your block and provides a 91.5% return on a $1,652 investment.
Finally, matte paint finishes will trend in 2016 because of its transitional qualities. With a matte finish, your potential home buyer can easily match his or her stainless steel or black and white appliances. It's touches like these that make your home appealing to a wide variety of home buyers, and that drives up its resale value.
Make it a hassle free and rewarding experience with Showcase Realty! Your home will sell in 120 days or I will pay you $2500 guaranteed! To know more click the button below.
Your Needs and Buyers' Wants
On that note, if you need to renovate your home, be sure to consider how those changes will affect its appeal to future buyers. Knowing design trends will give you the opportunity to make changes to your home based on where your needs and your potential buyer's desires intersect, thus increasing your property's resale value drastically.
Designers and design websites provide great ideas when you're brainstorming home renovations. Keep in mind as you research, however, that you don't want to sacrifice your needs for a comfortable home just for the sake of what you think a future buyer will want!
Therefore, before you begin making any changes to your home, consult your real estate agent. Real estate agents, because we are constantly working with new buyer clients, have insider insight into what home buyers are looking for now and in the future. We'll be able to help you make smart choices when remodeling or renovating your home.
If you think you might want to remodel or renovate your home in the near future, or if you are just curious about other ways you can increase its resale value, please reach out to us at 704.997.3794. If you'd like to find out what your home is worth, visit us here for a free, no-obligation home valuation.
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Based on Standard & Poor’s/Case-Shiller Home Price Index, Charlotte defied the national pattern of slowing home value appreciation last November 2014.
The 20-city home price index showed a rise of 4.3 percent in November – that’s lower from the annual increase of 4.5 percent last October. This signifies the 12th consecutive month of reducing home price gains and the weakest increase since October 2012. Aside from this, the November index dropped 0.2 percent from October – 173.36 to 172.94.
However, Charlotte – together with eight other cities – showed a stronger yearly price growth in November compared to a month earlier.
Charlotte’s November index increased by 3.3 percent from 128.25 that is higher than the 2.8 percent increase noted from October 2013 to 2014.
The Queen City’s index reached its highest on August 2007 at 135.88 with its lowest index on January 2012 at 108.39.
From October’s index of 128.64, it dropped 0.3 percent month over month in November.
The eight other cities that reported a stronger annual price growth in November compared with October are the following: Atlanta, Chicago, Dallas, Denver, Los Angeles, Portland, Ore., San Diego and Tampa, Fla.
San Francisco gets the top spot for the city with the highest year-over-year price increases in November at 8.9 percent. This is followed by Miami at 8.6 percent, Dallas and Las Vegas at 7.7 percent and Denver at 7.5 percent.
“Prospects for a home run in 2015 aren’t good,” Managing Director of S&O Dow Hones Indices David Blitzer said in his statement. “Strong price gains are limited to California, Florida, the Pacific Northwest, Denver and Dallas. Most of the rest of the country is lagging the national index gains.”
Cities that showed a nearly stagnant price index include Cleveland up at 0.6 percent, Minneapolis and New York up at 1.5 percent each, and Washington, D.C. and Phoenix up at 1.9 percent each.
Two of the struggles faced by the housing market as mentioned by Blitzer include consistent low inventory levels as well as rigid mortgage qualification standards.
In December 2014, Charlotte’s inventory was at 4.1 months, which is a drop from 5.1 months last year and 6.0 months regarded to be a stable market.
Furthermore, Blitzer also cited that there was a decline in distressed sales as well as investor purchases for buy-to-rent properties during the fourth quarter.
Standard & Poor’s/Case-Shiller Composite of 20 Home Price Index is based on the value-weight average of 20 metropolitan area indices. The indices’ base value of 100 exemplifies home prices in January 2000. Hence, if the current index value is 150, it translates to a 50 percent appreciation rate since January 2000 for a typical house located within the subject market.