Before we get deeper into February 2020, I want to bring you a few quick updates. I have the latest market stats, as well as really important information for home sellers. First, let’s look at the market.
In January 2020, our inventory was down about 15% from where it was a year ago. At the same time, we had 20% more homes go into escrow. The fact that interest rates are hovering around 3.5% is a big factor. We have a very strong market right now.
Our team has put 17 homes into escrow in the last 14 days, which is a fantastic start to the year for us.
If we go back to 2018, we had a very strong start to the year in January, February, and March, but things slowed down for the rest of the year and we actually saw some softening of prices.
If we shift to 2019, the same thing happened all the way up until November. In November and December, we had a very strong finish to the year. These little windows come and go, but it’s good to know that there are opportunities out there for buyers and sellers in our market.
The second topic I’m covering is a question that I always get from home sellers around this time of year. They want to know what they should fix, remodel, or upgrade to get the most money out of their sale.
There are studies done every year that show things like kitchen and bathroom remodels are some of the best things you can do, but you’re still only getting 80 cents on the dollar in return. However, there are a couple of exceptions. If you’re handy and can do the job cheaper than contractors, it might make sense. If you’re not, there are at least four things I can recommend that should help increase your home’s value without breaking the bank:
1. Clean and declutter
2. Replace flooring
3. Fresh paint
Don’t go hog wild on renovations. Give me a call and we can talk about the simple, inexpensive things you can do to make sure you get the most money possible for your house.
At the end of the day, it’s a phenomenal time to be a home seller in our market right now. Rates are fantastic, inventory is low, and demand is very strong. If you have any questions for us or want to talk about your specific situation, feel free to reach out via phone or email. We’d love to help. Stay tuned for our next video, where we’ll have some great tips for homebuyers.