Real Estate Information Archive

 

Curb appeal really does have a major impact on the return you'll see at resale. Among the top 10 home improvement projects with the highest return on investment (ROI) in Remodeling magazine's newly-released Cost vs. Value Report, nine are outdoor projects.

Related: 4 Resolutions for Home Improvements to Make in 2020 

Topping this year's list is Manufactured Stone Veneer, a project that has consistently ranked toward the top of the list since the project was added to the report in 2015.

Unsurprisingly, the report shows an increase in cost for all 22 projects listed; however, there is also a consistent dip across the board in terms of what the perceived value of each of these projects is. This is likely due to a market that was anything but smooth in 2019.

"Why the difference? The most likely answer is consumer jitters," says Clay DeKorne, chief editor of the JLC Group, which includes Remodeling magazine. "While remodeling professionals need to stay on point, they can breathe easy. Remodeling activity is growing at a slower rate than in years past, but it continues to grow."

 

Nationally, here are the 10 projects with the greatest ROI, according to the 2020 Cost vs. Value Report:

 

Manufactured Stone Veneer (95.6% ROI)

• Average Cost: $9,357
• Average Resale Value: $8,943

 

Garage Door Replacement (94.5% ROI)

• Average Cost: $3,695
• Average Resale Value: $3,491

 

Minor Kitchen Remodel (Midrange) (77.6% ROI)

• Average Cost: $23,452
• Average Resale Value: $18,206

 

Siding Replacement (Fiber-Cement) (77.6% ROI)

• Average Cost: $17,008
• Average Resale Value: $13,195

 

Siding Replacement (Vinyl) (74.7% ROI)

• Average Cost: $14,359
• Average Resale Value: $10,731

 

Window Replacement (Vinyl) (72.3% ROI)

• Average Cost: $17,641
• Average Resale Value: $12,761

 

Deck Addition (Wood) (72.1% ROI)

• Average Cost: $14,360
• Average Resale Value: $10,355

 

Window Replacement (Wood) (68.9% ROI)

• Average Cost: $21,495
• Average Resale Value: $14,804

 

Entry Door Replacement (Steel) (68.8% ROI)

• Average Cost: $1,881
• Average Resale Value: $1,294

 

Deck Addition (Composite) (66.8% ROI)

• Average Cost: $19,856
• Average Resale Value: $13,257

 

Nationally—and on the other end of the spectrum—here are the 10 projects with the lowest ROI:

 

Master Suite Addition (Upscale) (51.6% ROI)

• Average Cost: $282,062
• Average Resale Value: $145,486

 

 Grand Entrance (Fiberglass) (53.3% ROI)

• Average Cost: $9,254
• Average Resale Value: $4,930

 

Major Kitchen Remodel (Upscale) (53.9% ROI)

• Average Cost: $135,547
• Average Resale Value: $72,993

 

Bathroom Addition (Midrange) (54% ROI)

• Average Cost: $49,598
• Average Resale Value: $26,807

 

Bathroom Addition (Upscale) (54.7% ROI)

• Average Cost: $91,287
• Average Resale Value: $49,961

 

Bath Remodel (Upscale) (56.6% ROI)

• Average Cost: $67,106
• Average Resale Value: $37,995

 

 Master Suite Addition (Midrange) (58.5% ROI)

• Average Cost: $136,739
• Average Resale Value: $80,029

 

Major Kitchen Remodel (Midrange) (58.6% ROI)

• Average Cost: $68,490
• Average Resale Value: $40,127

 

Roofing Replacement (Metal) (61.2% ROI)

• Average Cost: $40,318
• Average Resale Value: $24,682

 

Bathroom Remodel (Universal Design) (62% ROI)

• Average Cost: $34,643
• Average Resale Value: $21,463

 

The 2020 Cost vs. Value Report compared the average costs for 22 popular remodeling projects and how much of that value they retained in 101 different U.S. housing markets. View the full report, including project descriptions and city-level data, here.

Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist & ABR – Accredited Buyers and Seller Representative who can help you navigate thru the process and get the job done for you. He can provide you with a Free Market analysis when you are ready. Pete Veres has had over 25 years of Sales & Marketing experience, excellent negotiating skills and a superb track record.

You can contact him by calling or texting him at 505-362-2005 or by emailing him at [email protected].

He has a great website full of the latest information at www.NMElite.com

Here are also some Free Sellers resources. VIP-Seller-Resources

 

DENVER – December posted a record finish to a year and a decade, with a year-over-year increase in home sales of 13.5% in the 54 metro areas covered by the report. That was the highest increase of any month in 2019, and the highest for the month of December since 2009.

Also posting a record for 2019 was the inventory decline of 14.5% year-over-year, accompanied by corresponding drops in Months Supply of Inventory – 3.3 vs. 4.8 a year earlier – and Days on Market – 54 compared to 55 a year ago.

“It was good to see the year-over-year spike in December home sales, indicating robust homebuyer interest,” said Adam Contos, CEO of RE/MAX Holdings, Inc. “The strong December capped a solid second half of 2019, with year-over-year sales increases in four of the final six months. The gains were largely attributable to low interest rates and high demand, and with those factors still in place, we expect sales to continue at a solid pace into the first part of this year.”

Year-over-year, sales were up five months in 2019, with the majority occurring in the back half of the year. Inventory, meanwhile, grew year-over-year in each of the first six months, then shrunk in each of the last six months.

The Median Sales Price of $266,000 was 11.1% higher than December 2018 and the highest year-over-year increase for any month of 2019.

Closed Transactions 
Of the 54 metro areas surveyed in December 2019, the overall average number of home sales is up 4.1% compared to November 2019, and up 13.5% compared to December 2018.  Leading the year-over-year sales percentage increase were Birmingham, AL at +34.3%, Burlington, VT at +26.7%, and Los Angeles, CA at +26.2%.

Median Sales Price – Median of 54 metro median prices
In December 2019, the median of all 54 metro Median Sales Prices was $266,000, up 3.8% from November 2019, and up 11.1% from December 2018. Only one metro area, Burlington, VT at -3.3%, saw a year-over-year decrease in Median Sales Price. Fourteen metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Birmingham, AL at +19.9%, Trenton, NJ at +19.1%, and Honolulu, HI at +15.3%.

Days on Market – Average of 54 metro areas

The average Days on Market for homes sold in December 2019 was 54, up five days from the average in November 2019, and down one day from the average in December 2018. The metro areas with the lowest Days on Market were Omaha, NE at 24, Nashville, TN at 31, and Cincinnati, OH at 34. The highest Days on Market averages were in Des Moines, IA at 110, and a tie between Augusta, ME and Hartford, CT at 89. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 54 metro areas

The number of homes for sale in December 2019 was down 13.7% from November 2019 and down 14.5% from December 2018. Based on the rate of home sales in December 2019, the Months Supply of Inventory decreased to 3.3 compared to 3.5 in November 2019, and decreased compared to 4.8 in December 2018. A six months supply indicates a market balanced equally between buyers and sellers. In December 2019, of the 54 metro areas surveyed, two metro areas, Miami, FL at 8.9 and Augusta, ME at 6.4, reported a months supply at or over six, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory were San Francisco, CA at 1.4, Salt Lake City, UT at 1.6, and Denver, CO at 1.7.

 

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

 

With the start of a new decade, many changes are taking place. In regards to design trends, 2010 brought white kitchens, clean lines and minimalistic decor. Now, there’s a shift to older, more rustic looks.

 

While these trends may not peak until later on, now is the ideal time to start working with sellers to prepare their house for new buyers filtering into the market. This includes many Gen X buyers who are starting to reach the age when they’re thinking about homeownership. To help you educate your clients, here are some of the top design trends to look for in 2020.

 

Kitchen

 

In 2010, white kitchens were all the rage. In fact, according to interior design company Houzz, nearly 40 percent of homeowners are still installing white cabinets during their renovations. If your clients are part of this group, you may want to tell them to wait. Wood cabinets are projected to make a comeback this decade, as the rustic look has become more appealing.

 

Similarly, rather than sticking with a white palette, muted tones like grays and blues are catching buyers’ eyes. If your clients are more bold, though, Classic Blue, which is a shade of navy, is the 2020 Pantone Color of the Year. Kitchen decor is also making a reappearance, moving away from the minimalist design. The idea is to make the space feel like another room in the home, rather than a sterile environment for preparing meals. By hanging artwork or displaying their favorite dishes with an open-cabinet design, your client will be able to showcase the room as a warm, welcoming space.

 

Living Room

 

According to NAR, staging the living room was found to be the most important for 47 percent of buyers. Help your client stage it with style by focusing on vintage accents and more natural touches. Both vintage art and furniture are making their way back into this decade. Antique art that has a story to tell can be a great focus piece for potential buyers. In addition to this, furniture from the 1800s and early 1900s are also trending. Incorporating a couple of statement pieces, such as an apothecary table or secretary or spooled-leg table, can create the perfect balance.

 

Adding natural touches is also a great way to keep up with the times without spending a fortune on staging. While plants can add a relaxing ambiance to any living room, the sophisticated olive tree is expected to become popular this decade, replacing the more dramatic fiddle leaf fig or gaudy ficus. If your clients have been hanging on to any wicker or rattan furniture, encourage them to give it a place it deserves. These natural textures are expected to gain attention in the coming decade.

 

Bedrooms and Bathrooms

 

Warmth and comfort seem to be a recurring theme throughout these new trends. In the bedroom, while neutral color schemes are still expected to continue, consider a warm color palette for home decor. A coral-colored throw or ochre rug can enhance the room without going overboard. Comfortable, cozy fabrics are also on the rise and can help potential buyers imagine themselves curling up in the room with a good book.

 

If your client is already remodeling a bathroom, consider guiding their new selections. According to the 2019 U.S. Houzz Bathroom Trends Study, 38 percent of homeowners added or replaced a master bathroom tub. Of those, 50 percent chose to install a freestanding flat-bottom tub shape. In addition to this, while statement walls have been popular for a number of years, statement rooms are rising to the forefront. This means wrapping the room in an eye-catching design, such as bold floral wallpaper or a natural texture. Another new fad is installing a built-in bench or stool in order to add additional seating.

 

Whether your clients are looking for minimal staging or major renovation advice, these top trends of 2020 should help you guide them in the right direction. With these new design trends, you should feel ready to market yourself and the home to get it sold. With Homes.com’s City Sponsor Ads, you give active buyers the chance to interact with you. By prominently displaying your listings among the first search results in your city, buyers will automatically be drawn to the listing without thinking about how long it’s been on the market.

Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist & ABR – Accredited Buyers and Seller Representative who can help you navigate thru the process and get the job done for you. He can provide you with a Free Market analysis when you are ready. Pete Veres has had over 25 years of Sales & Marketing experience, excellent negotiating skills and a superb track record.

You can contact him by calling or texting him at 505-362-2005 or by emailing him at [email protected].

He has a great website full of the latest information at www.NMElite.com

Here are also some Free Sellers resources. VIP-Seller-Resources

When you show your home’s best features by staging it effectively, you help increase your final selling price without breaking the bank. In fact, on average, sellers receive $2 in increased sale price for every $1 they put into staging a home. As the infographic below shows, the following five golden rules of home staging will help you show off its best assets:

 

 

Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist & ABR – Accredited Buyers and Seller Representative who can help you navigate thru the process and get the job done for you. He can provide you with a Free Market analysis when you are ready. Pete Veres has had over 25 years of Sales & Marketing experience, excellent negotiating skills and a superb track record.

You can contact him by calling or texting him at 505-362-2005 or by emailing him at [email protected].

He has a great website full of the latest information at www.NMElite.com

Here are also some Free Sellers resources. VIP-Seller-Resources