Crazy how housing price points have gone up in the past two years. But the reality is that as the housing market continues to rebound, so do prices. What surprises me about today’s buyer is that just as in 2005, most of the buyers want the shiny new nickel that costs a lot more than the simple tarnished one that just needs a good polishing. How quickly does the average buyer forget that in 2008 after buying at the top of the market, the sales price of that same home they purchased around 2005 actually depreciated instead of appreciated. Many of those same buyers ended up bringing money to the closing table, or ended up with a short sale, very few walked away with a check in hand.
Sometimes buying the shiny nickel doesn’t pay off. It might be more valuable to buy at lower price point, put some money into the home and dress it up. The advantages of this are the personal enjoyment received from making enhancement yourself and also adding value to the property when it goes on the market. These changes could be as little as re-facing kitchen cabinets or replacing a vanity. For the $2,000- $10,000 a home owner might invest into renovating a home, the return could be quite measurable, especially if the living space is a good size. So before jumping into buying a property, think about the ROI (return on investment) when it is time to sell. Real Estate is wonderful investment, but it has its fluctuations, just like the stock market.
Charese
Menard Johnson & Associates
2200 W. Roscoe
Chicago, IL 60618
Phone: 773-472-6016
http://www.menardjohnson.com/
Email: Send Email
Roscoe Village Real Estate Experts!
To schedule a showing please call Charese David at 312-399-1271
For listings please visit: www.MenardJohnson.com
