Pondering a remodel? Did you know some projects actually pay for themselves when it’s time to sell? Remodeling Magazine just released its 30th annual Cost vs. Value report, which provides a detailed analysis into how much popular remodeling projects costóand the value they add to your homeóin various regions across the county. Thanks to our robust housing market, the Pacific Region beat the national average for recoup on every single project.
A few key takeaways we learned from this report are:
- Exterior “curb appeal” improvements generally pack a bigger payback than interior projects
- Inexpensive improvements are easier to recoup than pricier remodeling projects
- Replacement projects usually net more than remodeling/expansion projectsówhich may explain the relatively low returns on kitchen and bath remodels/additions
For the full Pacific Region report on all 29 projects, including project descriptions and scope, click here!
Cost vs. Value data © 2017 Hanley Wood Media Inc. Complete data from the Remodeling 2017 Cost vs. Value Report can be downloaded for free at www.costvsvalue.com
What a year for rentals! You think that buying a home is difficult, try renting a home! Take a look at last year’s rental statistics put out by my friends at Windermere Property Management – Lori Gill & Associates. Just click on the photo below for valuable statistics.
The chart below shows affordability in the Greater Seattle-Eastside real estate market. Simply put, we are fine right now but when interest rates rise, it will become more challenging for buyers. However, if you plan on holding real estate for the long term, then you should be just fine.
Last year was a crazy year for buyers trying to purchase homes but it was also a crazy year for tenants looking for a home/condo to rent. Condos and single family homes were in high demand and tenants were faced with multiple applications and even bidding wars! As we well know, real estate is cyclical and right now we happen to be in a landlord’s market. I’m sure that this will revert back to a tenant’s market, in no time at all, but until then it’s tough out there!
The statistics below are courtesy of Windermere Property Management / Lori Gill & Associates. If you are ever in need of property management services I highly recommend them. The map, which helps you to correspond the MLS area with geographic location, is courtesy of the Northwest Multiple Listing Service.