Home Improvement & Real Estate Resolutions:
Home Improvement 64%
Buying a Home 9%
Selling a Home 9%
Moving 6%
Other 12%
These are the real estate related predictions from myGoals.com, describing what types of resolutions people are expected to make during the 2007 New Year's season.
These statistics show that some people are already thinking about buying/selling their home, while the majority of people are thinking of doing home improvements. I assume they're thinking of making these home improvements to increase the value of their home, meaning they will probably be selling sometime within the next year. They're just not thinking about that step yet.
What are your real estate related goals for 2007?
1. Stop Renting.
If you're still renting, STOP! You can own your own home for the same amount you're probably paying in rent. Stop paying your landlord, and start paying yourself (with equity in your own home).
2. Buy a House.
This goes along with #1 on my list. Now is one of the best times to ever buy a home in the history of real estate. Interest rates are still good. The housing market is inundated with properties for sale, so you basically have your choice. And sellers have had their homes on the market for so long in some areas, that they're becoming desperate and willing to take offers that should make buyers smile from ear to ear.
3. Sell Your Home.
If you read #2 on my list, it might not make a whole lot of sense to sell your home right now, but (yes, there's a "but") it's a different situation for everyone. Some homes are selling for more than fair market value. Some homeowners have no other choice but to sell. Some homeowners are house flippers, and they're just trying to make a few bucks, even though they may not get full fair market value. Whatever the case, if you're thinking about selling your house now, DO IT. There's no reason to wait. If you're waiting for the market to go back to where it was a few years ago, that's fine. But think about this: If you sell your house in 18 months from now, how much are you paying out in mortgage payments. If you sell now, and can get about the same amount you'll get next year, it makes sense to sell now. And then when you sell, you can benefit from #2 above.
4. Home Improvements
Ahhh, yes. Home improvements can do wonders for making your home outshine the rest. But before you do anything, you must think about what improvements are beneficial and which are just a waste of money.
a. Paint - A fresh coat of paint goes a long way. It shows people you care about your house and take care of it. Use neutral colors, such as a light tan. You can't lose there.
b. Kitchen - The kitchen sells houses. If you have an old kitchen, buyers are going to be turned off. But if your kitchen sparkles and exudes "new-ness," buyers will be very interested in your home when you go to sell it, even if the rest of the house still looks old (except for item "c" below).
c. Bathrooms - Just as a new (or new-looking) kitchen will do wonders for your home's value, so will the bathrooms. Update the paint and floors if necessary. Update the little things and make it shine. If you can do it, and don't already have it, get a double vanity (2 sinks).
d. De-clutter - This is another huge thing to work on, and this should be worked on at all times of the year. If you don't use something, why do you have it? Sure, we all need some things for decoration, but why do you still have too many things on the floors of closets, under beds, too much on the kitchen counter, and in the garage? Your garage is for cars, people; not a second basement.
Do these things and you're all set.
Here's to 2007! May it be a great year for all of us! May all of our real estate goals and dreams come true.
Dan Hamilton
dchamilton@kw.com
www.HamiltonHomesGroup.com
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