Renovate or sell? Over the past few years, two very distinct trends have emerged in the housing market. Home renovations are up, and inventory has dropped. This has caused a surge in renovating rather than selling or at least analyzing the differences between the two options. A ‘normal’ housing market is defined by having a 6-month supply of homes for sale. According to the latest Existing Home Sales Report from the NAR, we are currently at a 4.4-month supply but this could change dramatically over time. Low inventory and market conditions often have many homeowners worried that they would not be able to find a house to buy if they were to sell their current home. Check in with HGTV here to see what they suggest when considering the two choices.
In a market where there is a lack of inventory, as well as uncertainty and rising home prices, some homeowners are questioning whether they renovate their homes to fit their needs or sell. If their current house works regarding space and accessibility, then a renovation could make sense. Renovations, however, can either impact the resale value in a positive or a negative way. Assessing this makes good sense. Our concierge services may offer some help if you are a homeowner and cannot decide to renovate to stay or if you should sell in order to find what you are looking for. Our pool of contractors, architects, and designers are here to help our clients in all phases of homeownership. We would love an opportunity to talk to you about the value of your home, comparison of other homes and potential costs of renovations. Book a consultation here.
With home prices increasing steadily for the last 6.5 years, homeowners have gained equity. Listing in a low-competition environment could net more than renovations but this is not always the case. Considering renovating or selling? Make a decision based on demand for your house in today’s market. We would love to help you in the decision making process.