Changes in technology have brought about one of employees’ favorite workplace trends: telecommuting. Given the benefits it offers, many employees are seizing the opportunity to work from home.
Empty Nesters: Best To Remodel Or Time To Sell?
Your children have finally moved out and you and your spouse now live alone in a four-bedroom ranch (or a similar type of house).
You have two choices to make:
- Remodel your house to fit your current lifestyle and needs
- Sell your house and purchase the perfect home
Based on the record of dollars spent on remodeling and renovations, it appears that many homeowners are deciding on number one. But, is that the best long-term solution?
If you currently live in a 3-4-bedroom home, you probably bought it at a time when your children were the major consideration in determining family housing needs. Along with a large home, you more than likely also considered school district, the size of the property and the makeup of other families living in the neighborhood (example: you wanted a block with other kids your children could play with and a backyard large enough to accommodate that).
Remodeling your home to meet your current needs might mean combining two bedrooms to make one beautiful master suite and changing another bedroom into the massive walk-in closet you always wanted. However, if you live in a neighborhood that historically attracts young families, you may be dramatically undermining the value of your house by cutting down the number of bedrooms and making it less desirable to the typical family moving onto your block.
And, according to a recent study, you will recoup only 64.4% of a remodeling project’s investment dollars if you sell in the future.
Your home is probably at its highest value as it stands right now. Instead of remodeling your house, it may make better financial sense to sell your current home and purchase a home that was built specifically to meet your current lifestyle and desires.
In many cases, this well-designed home will give you exactly what you want in less square footage (read less real estate taxes!) than your current home.
Bottom Line
If you are living in a house that no longer fits your needs, at least consider checking out other homes in your area that would meet your lifestyle needs before taking on the cost and hassle of remodeling your current house. The Stovall Team places a premium on customer service, drawing on more than 60 years of combined experience and out-of-the box thinking to ensure that their Team provides the best customer experience in the business. CALL US TODAY 714.343.9294 OR 714.393.5377 VISIT StovallTeam.com!!
sources: Micah Stovall, Stovall Team; Keeping Current Matters
Posted in Community, Sellers
Tagged Coastal Orange County, Costa Mesa, Costa Mesa Real Estate, Cypress, Cypress Real Estate, Fountain Valley, fountain valley real estate, Garden Grove, Garden Grove Real, Huntington Beach, Long Beach Real Estate, Micah Stovall, Real Estate, Steve Stovall, Stovall Team, Westminster, What Gen X Wants
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A+ Reasons to Hire Stovall Team!
Huntington Beach, Stovall Team, Westminster, Huntington Beach, Real Estate, Coastal Orange County, Costa Mesa, Costa Mesa Real Estate, Cypress, Cypress Real Estate, Fountain Valley, fountain valley real estate, Garden Grove, Garden Grove Real, Long Beach Real Estate, Micah Stovall, Real Estate, Steve Stovall, Stovall Team, What Gen X Wants
Posted in Real Estate News
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Homeowners: Do You Know Your Home’s Value?
Social Media is full of links asking you to click for your home’s value but that isn’t the best way to approach this important information. The latest edition of CoreLogic’s Home Price Index shows that nationally, home prices have appreciated 6.7% over the last year and 0.9% month-over-month. The release of the report included this headline, “National Home Prices Now 50% Above March 2011 Bottom”
The real estate market has come a long way since 2011, which is great news for homeowners! Nearly 79% of homeowners with a mortgage in the US now have significant equity in their homes (defined as over 20%), according to the latest Equity Report. The challenge is that not every homeowner knows how much their home’s value has appreciated. Homeowners in Denver, CO lead the way with 8.7% appreciation over the last year, while owners in Washington and Utah have experienced a 3% increase in values since the start of this year! Nationally, CoreLogic forecasts that home values will increase another 5.0% by this time next year. Bill Banfield, VP of Capital Markets at Quicken Loans, recently explained the importance of knowing the conditions in your area,
“With home values constantly changing, and the rates of change varying across the country, this is one more way to show how important it is for homeowners to stay aware of their local housing market.”
Bottom Line
Do you know what your house is worth? Have you stayed put because you are nervous you won’t have enough equity to buy your dream home? Meet with the Stovall Team and we will perform an equity analysis and give you the freedom to achieve your dreams.
Posted in Sellers, Tips for Sellers
Tagged Coastal Orange County, Costa Mesa, Costa Mesa Real Estate, Cypress, Cypress Real Estate, Fountain Valley, fountain valley real estate, Garden Grove, Garden Grove Real, Huntington Beach, Long Beach Real Estate, Micah Stovall, Real Estate, Steve Stovall, Stovall Team, Westminster, What Gen X Wants
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Homeowner’s Net Worth > Renter’s Net Worth
Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400). The latest survey data, covering 2014-2016 will be released later this year. In the meantime, Lawrence Yun, the National Association of Realtors’ Chief Economist estimates that the gap has widened even further, to 45 times greater ($225,000 vs. $5,000)!
As we’ve said before, simply put, homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth. Every time you pay your rent, you are contributing to your landlord’s net worth. The latest National Housing Pulse Survey from NAR reveals that 84% of consumers believe that purchasing a home is a good financial decision. William E. Brown comments: “Despite the growing concern over affordable housing, this survey makes it clear that a strong majority still believe in homeownership and aspire to own a home of their own. Building equity, wanting a stable and safe environment, and having the freedom to choose their neighborhood remain the top reasons to own a home.”
If you are interested in finding out if you could put your housing cost to work for you by purchasing a home, call the Stovall Team today and we can guide you through the process. At the Stovall Team we believe every family should feel confident when buying & selling a home. We place a premium on customer service drawing on more than 60 years of combined experience and out-of-the box thinking to ensure that their Team provides the best.
Sources: Federal Reserve, National Association of Realtors, Stovall Team
Posted in Real Estate News
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