This is a great 2bed/2bath condo on Carolina Beach, with a beautiful south-facing view of the Yacht Basin. $300,000. Bring your offers!
Friday, November 15, 2019
Update: Under Contract! Condo for sale - 111 Florida Avenue 2, Carolina Beach, NC 28428
This is a great 2bed/2bath condo on Carolina Beach, with a beautiful south-facing view of the Yacht Basin. $300,000. Bring your offers!
Monday, November 11, 2019
Local Market Insights
What's Happening in Your Real Estate Market?
October 2019 Stats
Whether you are planning to sell or buy a property, understanding your local real estate market is empowering.
In the three-county area, historically low mortgage rates continue to shore up buyer demand as we enter the seasonally slower time of year. Throughout much of the country, the continued low level of housing inventory also continues to constrain sales activity from where it would likely be in a balanced market. In short, current trends are expected to continue.
For the 12-month period spanning November 2018 through October 2019, the price range with the largest gain in sales was the $450,001 or more range, where they increased 24.4 percent.
The overall Median Sales Price was up 2.4 percent to $251,000.
The property type with the largest price gain was the Townhouse/Condo segment, where prices increased 2.9 percent to $195,000.
The price range that tended to sell the quickest was the $150,000 and below range at 51 days; the price range that tended to sell the slowest was the $450,001 or more range at 109 days.
Market-wide, inventory levels were down 1.3 percent. The property type that gained the most inventory was the Condos segment, where it increased 2.5 percent. That amounts to 3.8 months supply for Single Family homes and 3.3 months supply for Townhouse/Condo.
(Information provided by Cape Fear REALTORS®)
With sale prices continuing to rise and inventory to decline, one surprising statistic is that affordability in the three county area has very slightly improved since 2018. Perhaps this is because historically low interest rates have more than off-set the rise in prices, helping many to find buying a home more accessible.
Monday, July 1, 2019
Will Your Remodel Pay Off? The Best (and Worst) Ways to Spend Your Budget
Most new homeowners have something about their
property that they want to change. And as family needs and design trends shift
over time, many will eventually choose to remodel. Some homeowners make updates
to their property before listing it to maximize their potential sales revenue.
Whatever your reasons are for taking on a home
improvement project, it’s wise to consider how the money you invest will impact
your home’s value.
We’ve taken a look at six popular home
renovations and identified those that—on average—have the best and worst
returns on investment. So before you lift a hammer or hire a contractor, take a
look at this list and see if your remodeling efforts will reward you when it
comes time to sell.
RENOVATIONS
THAT PAY OFF
These three common home improvement projects
not only add function and style to your home, but they also offer a strong
return on investment. Making strategic upgrades to your property will help you
increase its value over time.
Minor
Kitchen Remodel
The kitchen is often referred to as the “heart
of the home,” and for good reason. Traditionally used for preparing food, it
has morphed into so much more. Many of us now eat our family meals in the
kitchen, it serves as a favorite spot for homework and kids’ art projects, and
it’s the place guests tend to gather when we host events.
Because we spend so much time in our kitchens,
it’s natural that we will eventually want to make updates and upgrades to
better suit our needs and changing style preferences.
Luckily, a minor kitchen remodel is one of the
best investments you can make in your home. According to Remodeling Magazine’s annual Cost vs. Value Report, it has an
average 80.5% return on investment.1
The key to making a kitchen remodel pay off is
to keep it modest in scale. Spend too much on custom or high-end selections,
and you are less likely to recoup your investment. Instead, make an effort to
keep your existing layout if it works for you and your family. Paint or reface
cabinets instead of replacing them. Update countertops with low-maintenance
quartz and swap out old light fixtures with modern alternatives. Replace
outdated appliances with energy-efficient models. The average cost for a minor
kitchen remodel is $22,500, and it’s likely to recoup more than $18,000 at resale.1
Wood
Deck Addition
A deck addition is a popular way to extend and
enhance the use of your outdoor space. It’s the perfect spot for grilling,
dining alfresco, and entertaining. In fact, 81% of surveyed homeowners said
they have a greater desire to be home since completing a deck addition.2
For a 16 x 20-foot wood deck, you can expect
to spend around $13,000. Fortunately, the money you invest offers an average
return of 76%.1
Decks made of composite material are a popular
alternative these days, as they don’t require the regular sanding and staining
that wood decks need. However, at an average cost of $19,000 for a 16 x 20-foot
composite deck, they are significantly more expensive. Plus, the expected
return on investment is only 69%.1 Still, if you plan to hire
someone to provide regular maintenance to a wood deck, then a composite deck
may offer cost savings over time.
Siding
Replacement
Everyone knows good curb appeal is important
when selling your home. And while it may not be the most exciting way to spend
your remodeling budget, new siding can make a big impression on buyers … and
your selling price.
Your home’s exterior is one of the first
things buyers see when they view your home. It sets the tone for what they are
going to see inside. It also gives an impression of how well the property has
been maintained. Worn, peeling, or rotted siding can be a major red flag for
buyers.
Replacing 1,250 square feet of siding costs
around $16,000 and will net you an average of 76% at resale.1
For an even greater impact, consider replacing
a portion of your siding with manufactured stone veneer. It can have a dramatic
effect on the visual appeal of your home. A 300 square foot area will run you
around $8,900, but you can expect to see a nearly 95% return when it comes time
to sell.1
RENOVATIONS
WITH WEAK RETURNS
These three popular remodeling projects are
homeowner favorites. However, don’t expect to see a high rate of return at
resale. Instead, consider them an investment in your current quality of life.
Just make sure you’ll be living in the home long enough to make them
worthwhile.
Major
Kitchen Remodel
If there’s one room the majority of homeowners
dream about making over, it’s their kitchen. From custom cabinetry to high-end
appliances, the possibilities are endless. But those dreams can come at a cost.
An upscale kitchen remodel with high-end
cabinetry and countertops, commercial-grade appliances, and designer features
can cost upwards of $130,000. And unfortunately, you’ll only get back around
60% at resale. Even a mid-range kitchen remodel that includes new semi-custom
wood cabinets, laminate countertops, and energy-efficient appliances could run
you around $66,000 and net you a mere 62% at resale.1
Of course, an outdated or non-functional
kitchen could turn buyers off from your home completely … and keep you from enjoying it yourself! So if
your kitchen needs a major remodel, you shouldn’t necessarily scrap your plans.
Just go in with the realization that you may only get back a fraction of what
you invest. Then you can decide which upgrades are worth the splurge.
In-ground
Pool
Few additions deliver more entertainment or
enjoyment than an in-ground pool. It brings families and friends together,
provides a break from the summer heat, and offers a fun and convenient way to
stay fit. Plus, you’ll be the envy of your neighbors! But before you dive into
a pool addition, consider whether the benefits outweigh the (substantial)
costs.
The average expense to install a standard 18 x
36-foot in-ground pool is $57,500. And the estimated return at resale is only
or 43%.2 In addition to the installation cost, plan to spend money
each year on maintenance, repairs, and additional insurance.
However, 92% of surveyed homeowners said they
“have a greater desire to be home” since installing a pool, and 83% have “an
increased sense of enjoyment when they are at home.” For you and your family,
the perks of a pool may be priceless.2
Master
Suite Addition
If you own a house built before the 1980s,
there’s a good chance it lacks a master suite, which is a feature that has
become commonplace in most newly constructed homes.3
Master bedrooms have evolved from a simple
place to sleep into a homeowner’s retreat—often featuring a sitting area,
his-and-hers walk-in closets, and an attached bathroom with double vanities, a
soaking tub, and a walk-in shower.
And master suite additions have become
increasingly popular—both in homes that lack one as well as those with aging
owners who can no longer accommodate stairs to an upper-level bedroom.
But what’s the typical return at resale?
Unfortunately, a master suite addition offers one of the lowest returns of any
remodeling project. With a median cost of $125,000, most sellers will only
recoup around 52% of their investment. Nevertheless, in a survey of homeowners,
the majority were satisfied with their decision to add a master suite, giving
it a “Joy Score” of 10 out of 10.4
WEIGHING
COST VS. BENEFIT
It’s always wise to enter into a remodeling
project with knowledge of how it will impact your home’s value. In most cases,
upscale or highly-customized upgrades are less likely to offer a high rate of
return. That said, home renovations that improve your quality of life and
enhance your enjoyment may be worthwhile no matter the cost.
|
GET A
CUSTOMIZED ANALYSIS OF YOUR PROJECT
We’ve been talking averages. But the truth
is, the actual return you can expect on a home improvement project will vary
depending on your particular home and neighborhood. If you have plans to
remodel, call or send us the details. We’d be happy to conduct a free
analysis to determine how the renovations will impact the value of your home!
|
Sources:
2. NAR’ Remodeling Impact Report
- https://www.nar.realtor/sites/default/files/documents/2018-05-remodeling-impact-outdoor-features-05-23-2018.pdf
4. House Logic -
https://www.houselogic.com/by-room/bedroom-closet/master-suite-addition-return-investment/
https://www.houselogic.com/by-room/bedroom-closet/master-suite-addition-return-investment/
Wednesday, May 1, 2019
Top 6 Home Organization Upgrades that “Spark Joy” for Buyers
With spring in full bloom, now is the perfect
time to do some spring cleaning and add organizational systems to your own
home. Not only will you clear out clutter, your efforts can actually increase
the value of your home.
Ready to give it a try? Here are six home
organization ideas that will “spark joy” for you and your property value.
Boost
Bathroom Storage Capacity
When was the last time you cleaned out your
bathroom cupboards? If it’s been awhile, remove everything and take a look at
each item. Toss any old or expired products—keep only what you actually use.
If your vanity has drawers, add drawer organizers,
so you have a dedicated space for smaller items, like makeup and jewelry. For
deep cabinets, install roll-out shelves or baskets to maximize the use of
space.
And don’t forget about the walls! Mount open
shelves to store towels. If you’re short on storage space, a cabinet over the
toilet can offer additional room for supplies. These inexpensive additions can
make your morning routine a little easier while giving your bathroom a more
custom feel. And on average, minor bathroom remodeling projects like these see
a 102% return at resale.1
Upgrade
Your Laundry Room
Sort through the items in your laundry room
and throw away or donate anything you no longer need or use. If you’ve been
holding onto a collection of old washcloths and single socks, it’s time to say
goodbye. Then give your laundry room an upgrade with some customized
organizational features.
A mix of open cubbies and cabinets with doors
will give you plenty of options for storing detergents and supplies. If you
have space, a divided hamper or set of laundry baskets can provide a place to
sort your clothes before washing. Install a hanging rod or drying rack for
delicates and a flat work surface for ironing and folding clothes. With a few
simple tweaks, you can turn this chore into a score!
Fully
Utilize Your Basement or Attic
Basements and attics can easily become a
dumping ground for clutter. If that’s the case in your home, you know what to
do!
Once you’ve conducted a thorough clean out,
think about how you can better utilize the space to meet your family’s needs.
Install cabinets and a table so you can use the area as a craft room. Or you
could turn it into a game room with a media center and ping-pong table.
Investing in your basement will not only add function for your family, but also
the average basement remodel can see up to a 70% return on investment when it’s
time to sell.2
If you have an attic, consider adding a cedar
closet to store your off-season clothing. The cedar lining will keep your
clothes free from moths and smelling fresh year round.3 Turning your
attic into a more usable space will pay off down the road, too. A finished
attic sees an estimated 60% return on investment.2
Customize
Your Closets
Cleaning out the closet is a chore most of us
dread, but by now, you’re a pro! Get rid the clothes and shoes that don’t fit
you, are uncomfortable to wear, or that no longer “spark joy.”
Then it’s organizing time. So where do you
start? You’ll want to create a designated space for each type of clothing: high
hanging rods for dresses and long jackets, lower rods for skirts and shirts,
and shelves for folded items like jeans. And accessories need a place to go,
too. Add racks for your shoes, drawers for jewelry, hooks for hats, and shelves
or racks for handbags.
A well-equipped closet can be a major draw for
buyers—the average return on a closet remodel is 57%.4 But more
importantly, it’ll improve your day-to-day life. Surveyed homeowners gave their
closet remodel a “Joy Score” of 10 out of 10, higher than kitchen or bath
upgrades.5
Install
Built-in Bookcases and Cabinets
Built-in furniture adds functionality and
storage to a room while giving your home a high-end look. Built-in bookcases
can turn an empty room into an office. Custom cabinets can be used in a living
room to display media equipment while providing hidden storage for DVDs, board
games, and family albums.
When designing any built-in feature, remember
not to go too custom. A design that
only fits your tastes or belongings could turn off future buyers. Instead,
select standard sizes and classic finishes to appeal to a broad range of buyers
when it comes time to sell.
Equip
Your Garage
If you can no longer fit your car in your
garage, it may be time for a clean out. Similar to an attic or basement, the
garage can quickly become overrun with clutter. A thorough cleaning will help
you assess which items are worth keeping.
When adding organizational systems your
garage, start with a small rack to store yard tools and larger racks for bikes
and sports equipment. Overhead racks are a great place to put seasonal items
and bulky luggage. A workbench against a wall lined with pegboard and hooks
creates a dedicated space to use and store tools. If you have children or pets,
add a cabinet with a lock. This will give you a place to securely store harsh
chemicals and sharp tools. With a little effort, you’ll be pulling in your car
(and buyers) in no time!
SPRING
INTO ACTION
If you’re searching for service providers to
help with your spring cleaning or home organization efforts, let me know! I
can connect you with my trusted network of local home improvement
professionals. I can also help you determine which organizational upgrades
will add the most value to your home. Call me today, and let me know how I can
help!
Sources:
4. The Closet Doctor - https://www.closet-doctor.com/news/what-is-the-return-on-investment-on-closet-organizers
5. NAR Remodeling Impact Survey -
https://www.nar.realtor/sites/default/files/documents/2017-remodeling-impact-09-28-2017.pdf
https://www.nar.realtor/sites/default/files/documents/2017-remodeling-impact-09-28-2017.pdf
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