Investment in Home Improvement
Investment in home improvement, key in competitive housing market, says RE/MAX Mississauga, ON (September 17, 2008)
An increasingly competitive housing environment is prompting a significant number of Ontario homeowners to invest in renovation before listing their homes for sale, according to a recent survey by RE/MAX Ontario-Atlantic Canada. The RE/MAX Survey of Home Buying and Selling Trends in Ontario, conducted by COMPAS Research, in the first half of 2008 found 79% of sellers said they made improvements to their homes two years prior to listing and more than 39% of them did so with selling in mind. Further indicative of how sophisticated sellers and buyers are becoming, 37% of sellers made upgrades to their home after listing their property for sale. Home sellers are typically spending $21,000 on average in renovations; the most popular of which are updating kitchens, hardwood flooring, and new windows.
"Investing in renovation for the purpose of selling a home continues to grow in 2008," says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. "Changing market conditions are largely responsible for the upward momentum in residential investment which is up four per cent to $6.9 billion in Ontario for the first half of this year, compared to last year at the same time. We are seeing two clear trends emerging with some homeowners looking to boost resale value by renovating and others choosing to bring their home up to today's standards by upgrading areas that are dated. In either case, the end result is a product that will more likely yield top dollar when it is time to sell."
Because I do a lot of work as a Buyer's Agent it has given me the knowledge and experience as to what buyers are looking for in a home and what improvements will assist the seller in getting their house sold quicker and for top dollar. If you are considering selling real estate, feel free to contact Betty Bartusevicius at 416.427.1875 or firstname.lastname@example.org for information as to what you should be renovating to get the best price for your investent.