During the fall and winter months Real Estate cools down along with the weather. While many people are hibernating and waiting for the flurry of spring to arrive you could be adding impressive value to your home or saving a bundle by scooping up a great deal!
Are you considering an upcoming move? Perhaps buying in the fall or winter is the best strategy for you. Why?
People are busy getting the kids settled into school preparing for the Holidays. People tend to hibernate and lack the energy of “spring fever”.
The record shows that houses stay on the market longer and sell for lower prices during the late fall and early winter months. Sellers may be more motivated to sell for several reasons and might not want to not carry their homes over the winter heating months. You could buy the same house for less money in the winter than you would pay for it in the spring. Come spring that same home could be worth considerably more! Market trends show us the volume of sales and the housing prices increase rapidly in the early spring months.
Maybe it’s not your primary residence and you are looking to buy or sell.
Getting a good buying price is an important way to increase profit margins. Buy low, sell high. Just think, you can work indoors renovating a home staying warm, to sell in the improved spring market.
It can be harder for people to evict bad tenants or to get new tenants in the winter months, so owners of rental properties can be more motivated to sell so they don’t have to carry the expenses of a rental property.
Another great reason to renovate in the winter months is because it should be easier to get in contact with a professional contractor. Business is slower during this time of the year and a project during the winter months could cost you less than it would during the busy winter months where contractors have many jobs to choose from and are able to increase their bids.
A professional can help you accurately determine the cost of your project and advise you of the best places to put your money. They will also be better able to guide you to which project you can do yourself, how much any of the projects will costs, which materials would be best for your home and the time period it would take to finish the projects. A professional Real Estate agent, like myself, can also help you choose renovation projects that yield a higher ROI (return on investment).
Like with any budgeting you must separate needs from wants. Take some time and survey your home. Figure out what needs immediate attention and what can wait. Also, see what areas just need quick fixes or replacement versus a total renovation. Quick fixes could be something as simple as re-tiling or repainting the walls, other renovations that may need direct assistance would be replacing fixtures that are outdated or are in disrepair.
“To financially benefit from a home improvement project, you need to keep potential home buyers in mind.”
According to a cross-Canada survey of over 750 Royal LePage real estate experts, a kitchen renovation is the clear upgrade of choice with the potential to boost a property’s value by more than 12.5%! Both ranking second, a finished basement or a new bathroom has the potential to increase a property’s value between 2.5 per cent and 12.5 per cent, depending on the investment.
That means that a home valued at $600K, with an investment of $15K, could yield a profit of $45K. Now that’s a lot of cheddar!
The Green Advantage
My Background in business and 15 years of Real Estate experience has given me tools and expertise that I share with all my clients. I am here to work for you so that you have the very best expertise and, of course, make the most money!
We can help you so that you can MOVE forward with more peace of mind and confidence!
Contact me for a FREE home evaluation and advice on how you can improve your home for the spring market.
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