Are you considering making the MOVE to a new house? Or staying in your familiar New Jersey home that just needs some modern updates? During quarantine, many people have found themselves analyzing the current state of their homes and considered a MOVE or IMPROVE with their home; But what is the right decision financially? It is predicted that home sales will hit 4.93 million units at the end of 2020 and follow a rise into 2021 with 5.35 million units. Just between the months of June and July of this year, home sales rose 24.7%. Evidently, it’s a great time to give our trusted realtor, Jacki Venezio, a call! Interest rates on mortgage loans are super low, which allows house prices to rise faster. This made house prices go up by 10.1% this year (Zebra, 2020)!
However, the downfall of so many people jumping to get their house on the market and move ASAP is that houses are selling fast. So fast- that houses are going on the market and being sold within the next few WEEKS! Over 2/3 of homes on the market in July 2020 were sold in less than one month (Passy, 2020). Therefore, if you want to get involved with the real estate world in the next few months, make sure you are prepared to pack up your house and leave quickly. Homeowners should keep an eye out for any houses they can see making their own and act fast! This shows that financially, if you are thinking of putting your home up for sale and starting new, now might be the best time to do it while the market is booming. Interest rates are extremely low and your home will sell for a lot more money now than it would have last year.
Some may think this fast-moving market is a little too intimidating to sell a home right now. If you are not ready to move so quickly and would rather take your time with finding a new home and packing your current one, remodeling your current home is right for you. Financially, this is always a great option to IMPROVE your living environment to one that makes you more comfortable without the hassle of moving and starting new. The great thing is- you can remodel one room at a time and do your house at your desired pace. If you are planning on staying in your house for 5 or more years, invest in what you can afford at the moment. With no rush to update the house for resale… you can just do the kitchen now and the bathrooms later! You get to choose the updates and look of the house based on your personal preference- and the happiness from your remodel is money well spent.
Remodeling your home is a great investment because you are creating a more functional space for yourself while you are living there, and adding value to the home. Your home renovation boosts your home value for when you decide to sell it in the future. That way, you are making the money back that you spent on remodeling and maybe gaining more- all while enjoying the new space and appliances yourself! Just minor bathroom renovations alone can add $3,500 onto the price of your home (Sanctum, 2020)! After hearing about the current state of the real estate market and the investment of remodeling your home, Call MOVE or IMPROVE today to find out which option fits best for you.