It’s a seller’s market and inventory is limited, so why should any homeowner take the time to renovate their home? A seller’s market means that there is a shortage of goods available for sale. When that happens, prices typically increase steadily or rapidly, depending on the goods for sale, while inventory files of the shelves – the law of supply and demand. This is no different in the housing industry. When real estate reaches a seller’s market, homes can enter and leave the listing agencies in the same day, sometimes within hours. So, should you consider a home renovation in a seller’s market? Well, that depends. Are you also looking to buy a home?
A Sellers Market Means Buying
With limited inventory in a seller’s market, renovating your current home might be a better option.
If you are going to sell your home in the seller’s market, chances are that you are also going to buy. Now, as the seller, you stand to make a great profit (hopefully) and sell your home quickly, but that then leaves you as a buyer, which means the houses you are looking for are going quickly and at high prices.
You may live in a great house in a great location, but have a few things that aren’t ideal: outdated kitchen, small closets, sad bathrooms, old carpet, small rooms, etc. With houses flying off the market, you may not find a house as wonderful as the one you are currently living in. And besides that, you may end up paying more for a house that is in poorer condition than your current home. In fact, experts say that inventory in a seller’s market isn’t as good as it could be.
“There’s not a lot of quality inventory out there, and when it comes on the market, it goes very quickly,” said Geoff Horen, chief executive of The Lifestyle Group, an Indianapolis residential remodeling company. So homeowners face a choice: Buy a property that needs work, build, or put money into their current home.”
So before you call that real estate agent, consider home renovation as the solution to your woes.
Create the Perfect Home with Home Renovation
Rather than searching for that non-existent “perfect home,” you should create one. Home renovations allow for your dreams to become a reality. Take, for example, your kitchen. There’s not enough light, you’d like granite countertops, the cabinets need a refresh. For a few thousand dollars you could spruce up your kitchen or even put in a whole new one for less than it would cost to buy another house.
Or that master bedroom just doesn’t have enough closet space. Blow out a wall and increase the square footage of your home. Now you’ve made your home even more valuable, stocking up equity for when you have to sell down the road.
Memory Lane
Renovating your current home means you don’t have to sell your memories.
There’s also family memories that are to be considered. Ever meet that family that has the heights of each child at every age marked on the door frame? The sentimentality and sense of belonging that are created in a house where your kids can grow up, is invaluable. Memories steeped in the carpet and drawn on the walls are ever present in a home that stays in the family. Even if those walls are repainted and the floor replaced, you can’t replace the memories made in those rooms.
The point is that renovating your home can have just as many benefits if not more, than selling your home, especially if that means trading in your home for a house that doesn’t fit what you want. Spend time contemplating the changes that you’d need to make in order to make your current place the house of your dreams, chances are we can help make that happen, or at least get close to it. At Fix My House, we are dedicating to providing great customer service to all of our clients. Construction crews have a bad wrap for dishonesty, overcharging for projects and not deliver them on time. Not the case at Fix My House. We’re the neighbor you call on to install a ceiling fan for your grandmother, the brother you phone when you want a new deck, and the friend you wrangle when you’re putting on a room addition. We have the experience to give you top-notch quality remodels and the customer service to make you feel like you are our only client.
If you want to look into your options for home renovations, call one of our guys today. For fast, friendly, and professional home renovation services, there is no one better than Fix My House.
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