Last Updated on July 15, 2024
Allen Tate Companies Chairman Pat Riley encourages homeowners to get their homes ready
It is still a good time to buy or sell a home in the Carolinas, if that is your goal. But if right now is not the right time to move, it’s important to take steps to get your home ready.
“Despite higher interest rates, we have buyers who are waiting for homes to come on the market. We have sellers who want to move but are worried about finding a home to purchase because of low inventory,” said Allen Tate Companies Chairman Pat Riley in the July edition of Carolinas Market Update.
“Today’s interest rates are right at historic norms. When interest rates eventually come down, refinance is possible. And home prices are continuing to appreciate, so buying now makes more sense than waiting,” Riley said.
Riley reminds that homeownership is more than just buying and selling; it’s also about staying. Today’s average U.S. homeowner has lived in their home for eight years, with 35% having lived in their homes for 10-15 years.
“Homeownership is a lifelong journey. It’s important that your home is maintained, repaired and upgraded as needed. That is necessary to preserve the value of your most important investment, and to enjoy it,” Riley said.
According to the 37th Annual Cost vs. Value Report, the following home improvement projects yield the highest return on investment when selling:
– Front entry door replacement
– Garage door replacement
– Stone or brick veneer
– Minor kitchen remodel
– Deck and outdoor fireplaces or fire pits and entertainment areas
– Mid-range bathroom remodel
Not all improvements yield good ROI, Riley said. These include major kitchen remodel, upscale bathroom remodel and primary addition.
“While these improvements may be desirable to the current homeowner, they are not something buyers are willing to pay more for,” Riley said.
If major improvements are not in the budget, there are small exterior improvements homeowners can make to add value to their homes. These include painting the front door, touching up trim, pressure washing the home and driveway, trimming bushes and adding exterior lighting.
“Your Allen Tate Realtor can advise you on which improvements will yield the highest return and make your home desirable to buyers in the future. We offer a complimentary Home Physical to help you prioritize your home’s needs,” Riley said.
“If there’s one thing that’s certain about real estate, it’s change. The market will change and your needs will change. But the exceptional service we provide is something our clients can always count on,” Riley said.
Carolinas Market Update is targeted to consumers in the Charlotte, Triad, Research Triangle, High Country, Highlands/Cashiers, Asheville/Mountain, and Upstate S.C. regions. It is produced every other month by the Allen Tate Companies and features information, statistics, trends, and predictions about the real estate market in North and South Carolina.
About Allen Tate Companies
Allen Tate Companies is the Carolinas’ leading real estate company, based on closed transaction sides, with more than 70 offices and 1,800 Realtors® in the Charlotte, Triad, Triangle, High Country, Highlands/Cashiers and Asheville/Mountain regions of North Carolina and the Upstate region of South Carolina. Allen Tate provides real estate, mortgage, insurance, and relocation services throughout the entire homeownership life cycle. We are committed to providing and protecting quality of life for the communities we serve. For more information, visit allentate.com.
About Howard Hanna
Howard Hanna Real Estate Services is the #1 family-owned and operated independent broker in the country. The full-service real estate company has more than 500 real estate, mortgage, insurance, title, and escrow service offices across 13 states, including Allen Tate Realtors in the Carolinas and The F.C. Tucker Company in Indiana, with more than 15,000 sales associates and staff, including many of the industry’s top-producing real estate agents. For more information, visit howardhanna.com.
