RENOVATIONS THAT WILL BOOST YOUR LISTING PRICE

via realtor.com—When it comes time to sell your home, some renovation projects can provide a bigger price bump than others.

Using a statistical analysis of listings on Realtor.com®, our economic research team identified the price premium associated with certain renovation-related keywords while controlling for other key factors.

Perhaps surprisingly, the phrase “new landscape” was associated with the biggest bump in listing price of any renovation-related keywords. Listings referencing a new landscape were 8.1% higher than those of similar homes, equaling a $34,794 bump for the median-priced home.

A home’s curb appeal is critical when it comes time to sell, explains real estate expert Terry Haas, a team leader at 32 South Properties in Charleston, SC, and former regular on HGTV’s hit series “Designed to Sell.”

“If the front of your home isn’t inviting, buyers may not even take the time to explore inside,” says Haas. “Curb appeal is everything, and a clean, well-kept exterior can be the deciding factor in whether a buyer even considers the rest of your home.”

The second highest bump came with the words “renovated kitchen,” which boosted listings 7%, or $29,891 for the median-priced home. Notably, the similar term “remodeled kitchen” had a smaller impact, boosting the listing just 4%. The divergence may reflect differences in how real estate agents use the respective terms in listing descriptions, although traditionally “remodeling” implies larger fundamental changes than “renovating.”

Depending on the market,,...READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

Inventory in the MS/VG market has hovered around 35+/- listings these last months and value remains strong. There are thirty-two (32) active listings this week; 40% are listed for over a $1,000,000.00! Increased inventory is better for Buyers, but prices remain strong for Sellers. Interest rates have decreased slightly and prices are still high but we are seeing a significant number of price decreases on active listings. We are truly in a unique market! It is slowing down but there are still many qualified buyers out there, despite high interest rates and high prices. Please refer to the articles posted on our website for more insight.

There are thirteen (13) active listings over one million dollars. Eighteen (18) of the active listings have had a price reduction; six (6) this week. There are three (3) new pending sales this week. We have been transitioning to a more neutral market. However, the tight inventory and high demand for entry-level homes still makes it difficult for Buyers. The high interest rates also create a difficult situation for Sellers that have a mortgage with a low interest rate. Where do they go if they decide to sell? Properties are staying on the market for longer but some houses still quickly sell. Any additional interest rate increases in the future can mean fewer Buyers. Interest rates aside, we continue to anticipate more inventory increases.

DEMAND IS STILL THERE!

Mortgage interest rates have been lowered to just below 5.5% with lower rates expected. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers still happen in some cases. The number of days properties are staying on the market is averaging 56 days. There are no properties listed under $500,000. The limited options for entry-level homes, higher interest rates, and homeowner insurance costs make it difficult for first-time Buyers. There is one (1) listing priced between $500,000-$600,000; six (6) listings are priced between $600,000-$700,000; four (4) are priced between $700,000-$800,000; four (4) are priced between $800,000-$900,000; two (2) are priced between $900,000-$1,000,000; fourteen (14) between $1-2 million; and one (1) priced for over $2 million.

SELLERS, THIS IS THE MOMENT TO PRICE IT RIGHT!
Increasing Inventory + Increasing Interest Rates = Less Demand.

During the period of September 20, 2024 through September 27, 2024, there were reported 1 new listing, 1 closed sale, 3 pending sales, 1 active with contract, 0 expired listings, 1 cancelled listing, 0 temp off market, 6 price reductions, and 0 price increases.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of September 27, 2024. All closed sales are within the last 90 days.

*Disclaimer: The data relating to real estate displayed on this website and the chart above comes from the Miami Board of Realtors MLS. All listing information is deemed reliable but not guaranteed and can be independently verified.

 A complete list of all the properties for sale in Miami Springs or any other area of 

Miami-Dade County can be sent to you on regular basis. 

Request it at:  charlie@leonardrealestategroup.com

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