Fixing up your San Diego home for a sale or refinance appraisal in order to get out of a negative-equity situation brings many homeowners difficult decisions. For a long time, the rule of thumb was that the best return on investment was putting money into updating kitchens and bathrooms. But with a buyers’ market in full swing, the rules have changed. We asked some experts how they would spend $10,000 to spruce up a home for a possible refinance, sale, or simply in hopes of increasing the home’s value. The answers were unified in one regard: maintenance, maintenance and more maintenance.
Get the buyer knocking
Putting yourself in today’s buyer’s shoes is key; you’re trying to get people to the front door, so the first place you start is landscaping. Remove dead shrubs and plant appealing low-maintenance landscaping, all fixes for under $1,000. Once inside, a clean look is a priority. When you’re walking through the front door, make sure there’s no paint peeling on the wood jambs. Caulk your tubs and showers. Declutter. Shampoo the rugs. If you don’t, the buyer will form a psychological bias against you. Paint and freshen up. Things like ceiling fans, cabinet handles and faucets are small touches that can add to a home’s appeal.
Market value vs. marketability
Confusing marketability and market value is easy for today’s sellers who often cringe at hearing the current market value of their home. Therefore, it’s important to look at upgrades from the perspective of attracting buyers instead of how much the upgrades will add in value. In the San Diego real estate market, it’s impossible to figure out any kind of [monetary] return on investment for a home remodel project. Replace the “long-lived, worn-out” items in a house. For example, older San Diego homes could benefit by upgrading to dual-pane windows. Small touches in the bathroom could also help market your San Diego home. Replace an old sink or toilet and out-of-date fixtures with shiny new ones, upgrades that can give the space a new look and cost only a few hundred dollars. It’s important to remember in an up market where the seller is in control; your upgrades will return more of their original cost. In a down market, buyers will discount things to nothing and maybe even [make it] a minus.
NEW YORK – Mortgage rates remained below the 5% mark, with the benchmark conforming 30-year fixed mortgage rate inching lower to 4.95%, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.37 discount and origination points.
HotPads: Demand for ‘low-risk’ housing rises
The San Diego real estate market is competitive and sellers need their listing to stand out. Hiring a San Diego real estate agent with a good marketing plan and being reasonable with the listing price will help the home get more showings, but doesn’t mean it will get an offer. These simple, yet inexpensive projects can help you get top dollar for your San Diego homes in a shorter amount of time.
Bargain prices on San Diego real estate combined with low interest rates below 5 percent may bring the San Diego real estate market its busiest spring season in years, economists say.
While it may sound a bit crazy to add a new home to your shopping list…this holiday season could be the very best time in history to give yourself the gift of a new home. While there are a number of advantages to purchasing a home in San Diego, and especially during the holiday season, there is a confluence of factors that make this year’s season a bit more special than past years.
