Hurry, Watson, the Game’s Afoot!
This week should mark the resumption of the real estate market, with new listings beginning to appear after the holiday hiatus. We’ll see of surge of new homes in the coming weeks, with more each week until we hit the peak in April-May. As always, many of these homes will be over-priced and will sit for long months before a rising market and a falling asking price meet in happy harmony. Sellers do not have to go through that agony; the right price will produce a buyer (or even buyers) immediately; show the house, sell the house, move on. It’s far more pleasant, I think, than keeping your house in pristine condition and your personal schedule disrupted for months and months. But then, I don’t find the prospect of strangers traipsing through my house at odd hours especially appealing; some people do, apparently.
Unlike our housing inventory, house buyers did not disappear at the end of the year. Every agent I know has a least one client who couldn’t find what they wanted. Some of these folks are seriously out of whack with the realities of the market and will never find the one acre, with swimming pool, in Riverside, for under a million dollars that they seek. They will move on to other towns. But most buyers are genuine and will be buying something, soon. If you are considering putting your house on the market this spring, you might be better served doing so now. Inventory is lean, buyers are ready and your house will be the subject of intense interest. It is always nice, from a seller’s perspective, to have two people want the same thing. Right now, a well-priced house in almost any area of town will have a surplus of buyers.
What To Do
Someone has written to ask whether he and his wife should undertake a major renovation of their home. The house is, in their description, on one of the “best streets” in Riverside, and has been cared for, but not updated since it was built in the late Twenties. It needs new plumbing, electrical service, baths, kitchen and, it has been suggested, a “family room”. Someone has apparently given them an estimate of a million dollars for the work which means either that they are contemplating far more renovation than just described or they need to get another bid. Regardless, what should they do?
Go for it. I don’t know the exact street they are referring to, but assuming that it is south of Riverside Avenue: Club Road, Gilliam Lane, Indian Head Road, for example, there is almost no possibility of over-improving the property. While there is always the danger of making a house so personal that no one else wants it, good design and decent taste will eliminate that problem while moving the house from the “project” category to “move-in condition”. Buyers pay a large premium for the latter, far more than the actual cost of construction.
In addition to the added monetary value this proposed renovation will bring to the owners, there’s also the enjoyment they will get from a modernized house. We all get used to the quirks of old houses but a clean new kitchen, spacious master bath and more living space aren’t all that bad, either. The only real downside to such a project is living through it. Given the rather depressed price for rental housing these days, I’d suggest moving out for the duration; at, say, $4,000 a month, that’s not a huge percentage of the renovation budget and is far cheaper than a divorce.
Tarred!
Here at Round Hill Partners we just had our parking lot repaved. While you’d think that this kind of excitement merits front page coverage my editor disagreed so I’m reporting it here. Why? Because the company that performed the work, J. Potter, did an excellent job at a very fair price. They’re out of Westbrook, Connecticut but do a lot of work in this area and respond promptly. (860) 304-4065. Asphalt driveways are rather fragile things; once they begin crumbling, they deteriorate rapidly and no amount of sealing will save them. They need a new layer of asphalt before completely deteriorating to the point that they must be replaced. So some maintenance now, or larger costs later. If your driveway is failing, you might want to have it fixed now, before winter rips it apart. The asphalt plants are, I am told, still operating —once they shut down for the winter, you’re stuck.
This week should mark the resumption of the real estate market, with new listings beginning to appear after the holiday hiatus. We’ll see of surge of new homes in the coming weeks, with more each week until we hit the peak in April-May. As always, many of these homes will be over-priced and will sit for long months before a rising market and a falling asking price meet in happy harmony. Sellers do not have to go through that agony; the right price will produce a buyer (or even buyers) immediately; show the house, sell the house, move on. It’s far more pleasant, I think, than keeping your house in pristine condition and your personal schedule disrupted for months and months. But then, I don’t find the prospect of strangers traipsing through my house at odd hours especially appealing; some people do, apparently.
Unlike our housing inventory, house buyers did not disappear at the end of the year. Every agent I know has a least one client who couldn’t find what they wanted. Some of these folks are seriously out of whack with the realities of the market and will never find the one acre, with swimming pool, in Riverside, for under a million dollars that they seek. They will move on to other towns. But most buyers are genuine and will be buying something, soon. If you are considering putting your house on the market this spring, you might be better served doing so now. Inventory is lean, buyers are ready and your house will be the subject of intense interest. It is always nice, from a seller’s perspective, to have two people want the same thing. Right now, a well-priced house in almost any area of town will have a surplus of buyers.
What To Do
Someone has written to ask whether he and his wife should undertake a major renovation of their home. The house is, in their description, on one of the “best streets” in Riverside, and has been cared for, but not updated since it was built in the late Twenties. It needs new plumbing, electrical service, baths, kitchen and, it has been suggested, a “family room”. Someone has apparently given them an estimate of a million dollars for the work which means either that they are contemplating far more renovation than just described or they need to get another bid. Regardless, what should they do?
Go for it. I don’t know the exact street they are referring to, but assuming that it is south of Riverside Avenue: Club Road, Gilliam Lane, Indian Head Road, for example, there is almost no possibility of over-improving the property. While there is always the danger of making a house so personal that no one else wants it, good design and decent taste will eliminate that problem while moving the house from the “project” category to “move-in condition”. Buyers pay a large premium for the latter, far more than the actual cost of construction.
In addition to the added monetary value this proposed renovation will bring to the owners, there’s also the enjoyment they will get from a modernized house. We all get used to the quirks of old houses but a clean new kitchen, spacious master bath and more living space aren’t all that bad, either. The only real downside to such a project is living through it. Given the rather depressed price for rental housing these days, I’d suggest moving out for the duration; at, say, $4,000 a month, that’s not a huge percentage of the renovation budget and is far cheaper than a divorce.
Tarred!
Here at Round Hill Partners we just had our parking lot repaved. While you’d think that this kind of excitement merits front page coverage my editor disagreed so I’m reporting it here. Why? Because the company that performed the work, J. Potter, did an excellent job at a very fair price. They’re out of Westbrook, Connecticut but do a lot of work in this area and respond promptly. (860) 304-4065. Asphalt driveways are rather fragile things; once they begin crumbling, they deteriorate rapidly and no amount of sealing will save them. They need a new layer of asphalt before completely deteriorating to the point that they must be replaced. So some maintenance now, or larger costs later. If your driveway is failing, you might want to have it fixed now, before winter rips it apart. The asphalt plants are, I am told, still operating —once they shut down for the winter, you’re stuck.
posted by Chris Fountain at 8:58 AM
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