Getting the best ROI on home improvements…It’s a conversation I have often with my investors, those thinking of selling and those just buying a home. Which projects will bring them the greatest return? At the end of the day we all want our investments to be made wisely and those that entail quite a bit of sweat equity behoove even greater forethought before diving in!

The ROI on home improvements isn’t always about money however. Often the joy you get when you wake up in a home you love more and more with each project you complete IS the greatest “return.” To me, loving the space you are in trumps any financial kickback you will benefit from upon selling.  But since so many of us crave the “down low” on which projects bring the greatest ROI, let’s dive in and take a look!  I’ve attached the ROI percentage as well as the estimated cost to complete each project.  Which projects you then want to take on will be a personal choice and I support each and every one!

Here are some of the more popular home improvement projects and their associated ROI and cost.

1. Kitchen Remodel- ROI 63%  Cost estimate- $65,,000

2. Basement Conversion- ROI 63%        Cost-$40,000

3. New wood floors- ROI 91%              Cost- $5500

4. Pool- ROI 43%              Cost-$57,500

5. Bathroom Addition- ROI 50%      Cost- $59,000

6. New Garage Door- ROI  87%      Cost- $2300

7. Outdoor Kitchen – ROI 71%         Cost -$14,000

8. Plant Trees- ROI 100% or more     Cost- $50-$100 for 6.7 foot deciduous tree

9. New Roof – ROI 109%      Cost- $7500

Whatever improvements you make, be sure YOU are the ones who want to make it because home improvements entail 100% commit!

Questions about which projects your specific home would benefit most from in today’s hot market? It can be a bit location specific so please reach out to me with any questions. I am happy to come take a look at your personal situation and give you some professional feedback. Helping people is my “why I’m here!”

Tips to Sell Your House Safely Right Now [INFOGRAPHIC]

Some Highlights

• Your agent, this gal, has sold 17 homes during Covid with now over 6 months of experience selling houses during the pandemic and can make the process easier and safer for you today.
• COVID-19 protocols and technology usage recommendations from the National Association of Realtors (NAR) are making it possible to sell houses right now, while agents continue to abide first and foremost by state and local regulations.
• Let’s connect to discuss how to sell your house safely in today’s housing market.

Is it Safe to Sell My House Right Now?

In today’s real estate market, the buzz is all about how it’s a great time to sell your house. Buyer demand is high, and there simply aren’t enough homes available to buy to meet that growing need. This means now is the time to make a move so you can close the deal on your ideal terms.

Even in today’s strong sellers’ market, there are homeowners who are choosing not to sell due to ongoing concerns around the health crisis, financial uncertainty, and life in general. According to Zillow, here are the top three reasons homeowners who are thinking of selling sometime in the next three years are not putting their houses on the market right now:

• 34% – Life is too uncertain right now
• 31% – Financial uncertainty
• 25% – COVID-19 health concerns

If you identify with any of these, you’re not alone. Whether it’s the future of your employment situation or simply being uncomfortable having guests in your home for showings, life feels a lot different than it did at this time last year. The good news is, real estate professionals have spent the majority of 2020 figuring out how to sell homes safely, and it’s paying off for those who are choosing to move this year.

Real estate agents are doing two things very well to make selling your house possible:

1. Agents Are Implementing Technology in the Process

While abiding by state and local regulations as a top priority, real estate agents are making sales happen safely and effectively by leveraging key pieces of technology. Agents know exactly what today’s buyers and sellers need and how to put the necessary digital steps in place. For example, agents have capitalized on the technology buyers find most helpful when deciding on a new home:

• Virtual tours
• Accurate and detailed listing information
• Detailed neighborhood information
• High-quality listing photos
• Agent-led video chats

They’re listening to their audience and leveraging the tools that help buyers get an initial look at a home without having to step inside. This helps reduce the number of people entering your home, so only those who are very seriously interested need to take the next step: in-person showings.

2. Agents Are Facilitating Safe and Effective In-Person Showings

After leveraging technology, if you have serious buyers who still want to see your house in person, agents are following the guidelines set by the National Association of Realtors (NAR) and utilizing safe ways to proceed. Here are a few of them, understanding again that the agent’s top priority is always to follow­ state and local restrictions first:

• Limiting in-person activity
• R­­­equiring guests to wash their hands or use an alcohol-based sanitizer
• Removing shoes or covering them with booties
• Following CDC guidance on social distancing and wearing face coverings

Getting comfortable with your agent – a true trusted advisor – taking these steps under the modern-era safety standards might be your best plan. This is especially important if you’re in a position where you need to sell your house sooner rather than later.

As Jeff Tucker, Senior Economist for Zillow notes:

“Homeowners who feel life is uncertain right now may think they can still get a strong price if they delay selling until they have more clarity. The catch is that waiting to sell may raise the cost of a trade-up. This fall’s record low mortgage rates, which make a trade-up more affordable on a monthly basis, are not guaranteed to last.”

Bottom LineAs an agent, I quickly pivoted when the pandemic hit. As someone who has a suppressed auto- immune system i hold a personal and professional obligation to keep myself, my clients and my customers and colleagues safe. With a a personal motto of ” I am here to help, ” I most certainly do my all to do that in a completely safe fashion.

It simply is a uniquely amazing time to sell. Opening your doors up to new approaches could be game-changing when it comes to selling your house while the market is leaning in your favor. Looking for guidance and assistance in selling a home during a pandemic ? Please reach out. I am here as your trusted real estate professional to help you safely and effectively navigate all that’s new when it comes to making your next move.

Making a Home for the Brave Possible [INFOGRAPHIC]

Some Highlights

• VA Home Loans provide unique opportunities for Veterans, active-duty personnel, and their families in recognition of their service to our Nation.
• For eligible individuals, options associated with VA Loans can help make the dream of homeownership a reality.
• If you or someone you know may benefit from a VA Loan, reach out to me so that I can answer your questions about VA loans here in RI , today!

How Down Payment Assistance Opens the Door to Homeownership

Home Values Projected to Keep Rising

As we enter the final months of 2020 and continue to work through the challenges this year has brought, some of us wonder what impact continued economic uncertainty could have on home prices. Looking at the big picture, the rules of supply and demand will give us the clearest idea of what is to come.

Due to the undersupply of homes on the market today, there’s upward pressure on prices. Consider simple economics: when there is high demand for an item and a low supply of it, consumers are willing to pay more for that item. That’s what’s happening in today’s real estate market. The housing supply shortage is also resulting in bidding wars, which will also drive price points higher in the home sale process.

There’s no evidence that buyer demand will wane. As a result, experts project price appreciation will continue over the next twelve months. Here’s a graph of the major forecasts released in the last 60 days:

I hear many foreclosures might be coming to the market soon. Won’t that drive prices down?

Some are concerned that homeowners who entered a mortgage forbearance plan might face foreclosure once their plan ends. However, when you analyze the data on those in forbearance, it’s clear the actual level of risk is quite low.

Ivy Zelman, CEO of Zelman & Associates and a highly-regarded expert in housing and housing-related industries, was very firm in a podcast last week:

“The likelihood of us having a foreclosure crisis again is about zero percent.”

With demand high, supply low, and little risk of a foreclosure crisis, home prices will continue to appreciate.

Bottom Line

Originally, many thought home prices would depreciate in 2020 due to the economic slowdown from the coronavirus. Instead, prices appreciated substantially. Over the next year, we will likely see home values rise even higher given the continued lack of inventory of homes for sale.

Real Estate Continues to Show Unprecedented Strength This Year

The 2020 housing market has surpassed all expectations and continues to drive the nation’s economic recovery. The question is, will this positive trend continue throughout the rest of the year, especially given the uncertainty around the current health crisis, the upcoming election, and more?

Here’s a look at what several industry-leading experts have to say.

Lawrence Yun, Chief Economist, National Association of Realtors

“Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market…Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery.”

Frank Martell, President and CEO, CoreLogic

“Homeowners’ balance sheets continue to be bolstered by home price appreciation, which in turn mitigated foreclosure pressures…Although the exact contours of the economic recovery remain uncertain, we expect current equity gains, fueled by strong demand for available homes, will continue to support homeowners in the near term.”

Zillow

“Zillow’s predictions for seasonally adjusted home prices and pending sales are more optimistic than previous forecasts because sales and prices have stayed strong through the summer months amid increasingly short inventory and high demand.

The pandemic also pushed the buying season further back in the year, adding to recent sales. Future sources of uncertainty including lapsed fiscal relief, the long-term fate of policies supporting the rental and mortgage market, and virus-specific factors, were incorporated into this outlook.”

Bottom Line

Many economists are in unison, indicating the housing market will continue to fuel the economy through the end of the year, maintaining this unprecedented strength.

There are many benefits to working with a real estate professional when selling your house. If you’re considering selling on your own, known in the industry as a For Sale by Owner (FSBO), it’s critical to consider the following:

1 – Your safety is a priority
real estate professional will have the proper protocols in place to protect not only your belongings, but your family’s health and well-being too.

2 – A powerful online strategy is a must to attract a buyer
Recent studies from NAR have shown that, even before COVID-19, the first step 44% of all buyers took when looking for a home was to search online. Throughout the process, that number jumps to 93%.

3 – There are too many negotiations
As part of their training, agents are taught how to negotiate every aspect of the real estate transaction and how to mediate the emotions felt by buyers looking to make what is probably the largest purchase of their lives.

4 – You won’t know if your purchaser is qualified for a mortgage
Having a buyer who wants to purchase your house is the first step. Making sure they can afford to buy it is just as important. As a FSBO, it’s almost impossible to be involved in the mortgage process of your buyer.

5 – FSBOing has become more difficult from a legal standpoint
In an increasingly litigious society, the agent acts as a third-party to help the seller avoid legal jeopardy.

6 – You net more money when using an agent
A study by Collateral Analytics revealed that FSBOs don’t actually save anything by forgoing the help of an agent. In some cases, the seller may even net less money from the sale. The study found the difference in price between a FSBO and an agent-listed home was an average of 6%.

Managing an entire transaction on your own is difficult.  Agents like this one make your success their number one priority and use their expertise , market reach experience and keen market insight to maximize the selling opportunities on your behalf.  And this agent will do it with drive , determination and pure Huard Hustle !

#sellingyourhome #homeforsale #rhodeisland

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