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Home Seller: A Cost vs Value comparison 2014

by Galand Haas

Good Monday Morning!

I am asked frequently about whether to remodel or to sell.  For the most part, remodel projects are far more expensive than building new.  You may easily end up with more money invested in a remodeled home than you would have if you had purchased another home that better fit your needs.  If you have a home that you love everything about it, you feel that many of it's assets would be hard to duplicate and you think that you are going to want to live ther for antoher 7 to 10 years, then remodeling could be a good option.  If the answers to this is negative, then you should consider purchasing another home.  Here is an article from Realty Times that addresses remodel and updates.

Before you invest in remodeling, it's wise to think about upgrades that get you back the most money when you resell.

Remodeling magazine's annual Cost vs. Value Report for 2014 offers research that shows the best and worst returns in remodeling based on price and location.

You get the most money back at resale with these updates:

  • Entry door replacement: 96.6 percent 
  • Deck addition (wood): 87.4 percent
  • Attic bedroom: 84.3 percent
  • Garage door replacement: 83.7 percent
  • Minor kitchen remodel: 82.7 percent

The worst returns were with these updates:

  • Home office remodel: 48.9 percent
  • Sunroom addition: 51.7 percent 
  • Bathroom addition: 60.1 percent
  • Backup power generation: 67.5 percent
  • Master suite addition:  67.5 percent
It's all interesting information, but does it really apply to you and your situation?

For example, installing a new front door gives you the most bang for the buck of any improvement, according to the magazine. You get back 96.6% of every dollar you spend, especially if you buy a steel door.

But do you really need a new front door? Unless your door is cracked or missing pieces of veneer, you may be better off painting it a fresh modern color. Repeat the color somewhere else - in a planter or on the porch swing and you've just raised your curb appeal.

Don't assume that you need to replace a feature when a repair will do. For example, when you open and close a door over and over, eventually you weaken the frame. Perhaps that's where you should put your money. Your carpenter can reframe the entry and make your lock fit better than it does now. Paint like you'd planned to, add shiny new hardware, and your entry will look fresh and new.

Consider how long you plan to stay in the home. Instead of worrying what buyers will think, or how much money you'll get back for improvements, choose projects that provide the most comfort and convenience for your household.

You can borrow square footage from a room that doesn't fit your lifestyle. A formal living room can contribute some space so you can enlarge the kitchen. Filling out an attic to make a bedroom or a playroom, allows you to add more living space without a lot of expense.

Adding a sunroom, a second story, or a new master suite may be worth the extra cost as long as you really, really want the space and you're not overbuilding for the neighborhood. Just keep in mind that you'll need a building permit, and that the work could go on for months.

Don't attempt major remodeling without an architect or an experienced contractor. You'll be tearing down a wall, pouring a foundation, and adding more to the roof, and more, so take advantage of expert help. Make sure that any project that you do compliments the architecture of the home. A modern minimalist kitchen can work well in a 50s ranch home, but will do little to enhance a traditional Victorian.

Generally, smaller projects return more than big projects, so start there. Fix what you can as far as repairs go. As you spend time living in your home, you'll get a better idea of which improvements make the most sense for your budget.

Who knows? You may make your home so perfect that you don't need to worry about cost VS value for years to come.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

Image Unavailable
4390 BERRY LN
Price: $298,000 Beds: 3 Baths: 2 Sq Ft: 2146
Peaceful Retreat! Enjoy Awbrey Farm subdivision with private driveway in quiet, friendly neighborhood. Property features large deck overlooking spring creek, pond, wonderful gardens, and views of wood Ducks and owls in the trees. Sunken living room ...



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Galand

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The Numbers are in: February 2014

by Galand Haas

Good Monday Morning!

The statistics show that our stronger Real Estate market in the Eugene and Springfield area is carrying through to Spring.  Even though our market is better, there are certainly some warning signs on the horizon.  The average sales price has jumped significantly since February of 2013.  This along with the rise in mortgage interest rates makes it harder to purchase a home.  This is especially true for first time home buyers.  This could certainly lead to a slow down in purchase activity.

February Residential Highlights

January’s increase in pending sales ushered in a rise in closed sales this February in Lane County. The 214 closed sales represented a 22.3% increase over the 175 closings from January, although the number is two less (-0.9%) than last February’s 216. Pending sales (254) fell 12.4% from January’s 290 and 24.4% when compared to last February’s 336. New listings, at 351, fell on both counts as well—a 10.7% decrease compared to January’s 393 and a 22.9% decrease compared to last February’s 455. Overall, the year- to-date numbers for new listings, pending sales, and closed sales are slightly cooler than in 2013.

Total market time rose to 129 days in February, and inventory fell to 5.7 months.

Average and Median Sale Prices

Prices are steadily rising in Lane County. Comparing the average price of homes in the twelve months ending February 28th of this year ($227,200) with homes sold in the twelve months ending February 2013 ($203,100) shows an increase of 11.9%. In the same comparison, the median has increased 13.8% from $180,000 to $204,900. 

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

Image Unavailable
46080 MCKENZIE HWY
Price: $225,000 Beds: 4 Baths: 2 Sq Ft: 1796
Adorable home on 0.65 acre lot! Wonderful park-like setting with huge yard, patio area and views of the mountains. Great shop with workbench, cabinets, can be 2nd residence. 3 bay carport with storage space in roof. 200sqft shed with attached dry co...



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Galand

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The Real Estate market has shifted.

by Galand Haas
VideoVideo

Good Monday Morning!

Nationally, and here in the Eugene and Springfield area, the Real Estate market has shifted.  We have travelled through a long buyers market and now with a much lower inventory of homes for sale, we are in a sellers market.  What does this mean for home buyers? First of all, it means that typically a buyer will not have the negotiating power that they had during the buyers market.  Good homes that are priced reasonably sell quickly and many with multiple offers.  This means that a buyer may have to give it their best shot with the first offer or miss out.  This also means that buyers may have a harder time finding the right home in this market.  With fewer homes to choose from, finding the perfect house is going to be more difficult.  It is also important in this market for buyers to have all of their Ducks in order.  Having a lender letter readily available to present with an offer is essential.  Last but certainly not least, it is essential that you have a strong professional home buyer specialist Real Estate agent working for you.  Without having a buyers specialist who knows your needs and wants and who can search the market for you, your chances of finding a great home at a good price are going to be tough in this market.  

We find great homes for our buyers every day.  Just because we are in a sellers market does not mean that purchasing a home needs to be frustrating.  A buyers market just means that if you are wanting to purchase a home, you need to be on top of things and have a strong agent who knows the market working for you!

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

Video Link: http://eugeneoregonhomesforsale.com/video/This-Month-in-real-Estate-March-2014-US

Image Unavailable
369 Lenore LOOP
Price: $240,000 Beds: 3 Baths: 2 Sq Ft: 1634
Brand new home! Features granite counter tops, bamboo floors, accent lighting, vaulted ceiling, with Great Room. Gas fireplace and built-in shelves in living room. Dining area with skylight. Kitchen with island, eating bar, pantry and recessed light...



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Galand

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Inventory is low. The time to sell is now!

by Galand Haas

Good Monday Morning!

Nationally, the inventory of homes for sale is much lower than it was just a year ago.  Here in the Eugene and Springfield market area this is very true as well.  In many areas such as Ferry Street Bridge, North Gilham, Thurston and Santa Clara, there is a significant shortage of homes on the market right now.  There are buyers looking who just can't find a home because of the current shortage.  This has created a sellers market, which means that the sellers have the advantage due to this shortage of current inventory.  

Several times over the past months, I have mentioned that if you are wanting to sell your home this year, the worst thing you can do is to wait until Spring/Summer.  Homes are a commodity and the sale of homes is subject to supply and demand.  Low demand and high inventories makes it hard to sell a home and typically in this kind of market the seller should expect to sell at a lesser value.  High demand and low inventory creates the opposite effect and sellers can now expect to sell at top market value in a much shorter time frame.  By Spring/Summer inventories of homes typically increase and the time it take for a home to sell will usually increase at that time as well. This can also have a significant impact on the price your home will sell at.

If you have a home that you have tried to sell previously and failed or if you are just thinking of selling this year, don't wait.  The kind of market that we are experiencing right now is typically short lived.  Two months from now, you may have missed the opportunity.

If you would like to have a free home sale consultation, please contact me.  This is a short visit and there is no obligation at all.  This meeting will give you the information you meed to make the decision as to whether you want to sell now or wait.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

Image Unavailable
325 22ND ST
Price: $197,000 Beds: 3 Baths: 2 Sq Ft: 1578
Wonderful Updates and Features! Adorable home updated from floor to ceiling, laminate wood floors, tile shower with body jets, large master suite upstairs. Living room with fireplace, updated kitchen with dining area and slider. Attached 1-car garag...



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Galand

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Photo of Galand Haas Team  Real Estate
Galand Haas Team
Keller Williams Realty Eugene and Springfield
2644 Suzanne Way
Eugene OR 97408
Direct: (541) 349-2620
Fax: 541-687-6411

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