Are you looking around your home thinking it’s time to make some updates? Perhaps you are considering putting your home on the market or you want to personally enjoy some upgrades you’ve been thinking about doing?
Well, here is some information that may help you decide what upgrade may be best for you, whether for selling or enjoying.
If you are considering selling or if you are just curious about real estate activity in Placer County, then these market statistics from Placer County Association of Realtors will be helpful.
In 2006 (when it appears prices peaked), the median price for a single family home in Placer County was $475,000. Fast forward to the first quarter of 2011 (when it appears prices were at their lowest); the median sales price for a single family home was $237,000. The first quarter of 2015 shows the median sales price to be $373,000.
The value of homes from 2006 to 2011 dropped 50 percent. Today’s value is 36 percent higher than values in 2011 and 79 percent higher than the peak in 2006.
If we look at inventory for these years, you will also see some big changes in numbers. So, in the first quarter of 2006 there were 2,024 homes actively for sale on MLS. In the first quarter of 2011 inventory was at 2,217 homes. Currently for the first quarter of this year, we are at 1,033 homes, just under half of what we had in 2011 and just up from last year’s 932 homes.
There are the statistics. We all know the old adage, supply and demand. Perhaps this info will help you decide what you want to do to your home and why.
Next, from The National Association of Realtors and Remodeling Magazine, here are the top ten home projects to recoup your costs at resale. Enjoy these upgrades today and know that when you do decide to sell your home they will be considered great investments.
Here is what your return on investment can be, as estimated by Realtors:
• Entry door replacement (midrange) 101 percent
• Manufactured stone, veneer (midrange) 92.2 percent
• Garage door replacement (midrange) 88.5 percent
• Siding replacement fiber cement (upscale) 84.3 percent
• Garage door replacement (upscale) 82.5 percent
• Siding replacement, vinyl (midrange) 80.7 percent
• Deck addition, wood (midrange) 80.5 percent
• Minor kitchen remodel (midrange) 79.3 percent
• Window replacement, wood (midrange) 78.8 percent
• Siding replacement, foam backed vinyl (mid-range) 77.6 percent
Knowing which up-grades give you your best return on investment is a surefire way to save your money and time. Be sure to hire a licensed professional. Check referrals and get a couple of bids to save yourself from a lot of headache.
Whatever your reason is for upgrading your home, I hope you get to sit back and enjoy the comforts you have created.
Kristi Meyer is a Realtor with Granite Real Estate, located in Downtown Auburn.
For questions, comments or tips, contact Meyer at firstname.lastname@example.org