Remodeling—Is It the Right Choice for You?

 Is remodeling the right way to go for homeowners? The truth is that it depends on whether you plan to stay there or not.

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The answer to whether remodeling your home is the right choice for you depends on your motive. For example, if you’re looking to improve your surroundings and you plan to stay at your home, then go ahead and pursue whatever projects you have planned and can afford.

However, if you’re planning to sell your home, it’s a different story. Dollar for dollar, you usually don’t get the same value you put into a renovated home when you sell it.

Here is a list of major remodeling projects coupled with the recovery rate associated with each:

• Installing a patio. The projected recovery rate for this project would only be about 47%, meaning you’d get less than half of what you put into the project back when you sold the home.

• Renovating your bathroom. The projected recovery rate would be around 70%.

• Upgrading your entryway door. This project has a surprisingly high recovery rate—91%.

• Renovating your kitchen. For this project, you should only expect to receive an estimated 59% return.

• Replacing your windows. This remodeling task has a projected recovery rate of 74%.

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Dollar for dollar, you usually don’t get the same value you put into a renovated home when you sell it.

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If you have any questions about real estate or remodeling, don’t hesitate to reach out to us. We’d be glad to help you out.

An Update on Our Lane County Market

What’s going on in our Lane County real estate market as we approach fall? Let’s find out.

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As we approach the fall, many of you are likely wondering what’s going on in our Lane County real estate market. Of course, if you’re anything like me, the coming autumn also means you’ve got something else on your mind: football season.

Believe it or not, these two things are actually somewhat related. This is because when football season arrives, buyers tend to have fewer opportunities to attend open houses.

That aside, let’s take a look at the market itself.

Inventory has increased from the all-time low we saw in March, when there were just 42 days of supply. Now, supply is up to 54 days’ worth of homes. This means if no new homes came on to our market, it would take just 54 days for Lane County to run out of listings.

This puts sellers in the driver's seat. In fact, we would need about 180 days’ worth of supply for buyers and sellers to be on equal ground in our market.

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Sellers are in the driver’s seat, but it’s still a great time to buy.

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As far as median price, we’ve seen a growth of 9% since this time last year, leaving us with a current median price of approximately $272,000. This increase in price is part of a larger upward trend that we’ve been seeing for the past four years. So when will this rapid growth end?

With the number of millennial homebuyers continuing to increase, and interest rates still rising, as well, experts are divided on when we can expect the market to level out. With that in mind, though, the appreciation of home values is expected to slow down to a rate of 3% or 4% in the near future.

The bottom line is this: It is still a great time to buy. So if you want to know how to navigate your specific market, please reach out.

As always, if you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.