2010 Remodeling Cost as Compared to Resale Value
Remodeling Magazine annually researches the cost of remodeling with the help of Home Tech Information Systems. They also research the value remodeling adds with the help of the National Association of Realtors. They put this information together by regions. For a complete report please go to http://www.remodeling.hw.net/2010/costvsvalue/national.aspx
Below are the results for the San Francisco region.
A small difference in the size or scope of a project, or in the quality of finishes and accessories you choose, can dramatically affect the cost.
The “value” of a project at resale is always subject to forces that are difficult to predict. Changing how a space is used may meet the immediate needs of the current homeowner, but may be at odds with what prospective buyers are looking for. How the value of a remodeling project is perceived also depends on a variety of factors that traditionally affect home values, including the condition of the rest of the house, the value of similar homes nearby, and the rate at which property values in the surrounding area are fluctuating. Comparable values are particularly difficult to judge in the current economic climate, in which the effect on the value of surrounding homes of foreclosed properties and short sales are part of the equation. The mere presence of a large number of unsold homes, whether new or existing, well-maintained or distressed, can have a constricting effect on surrounding home values. Read more
Open House Etiquette
For the last 17+ years, I have been selling real estate and, for the first 16 of those years, have hated doing open houses. I love meeting new customers, but if it is a slow day it can be incredibly boring. Nowadays, I enjoy them a lot more, because I bring my computer and can accomplish quite a bit (well, alright, sometimes I play word games and don’t actually accomplish too much, but I’m a lot happier!)
While doing my open house yesterday, I had plenty of time to contemplate, since it was pouring down rain and absolutely no one came. Fortunately, the house I was holding open was warm and cozy, so it was pretty comfortable. Since I had so much time, I began thinking about the whole open house process.
I thought it might be helpful for all of the buyers out there if I shared a few thoughts about the etiquette of open houses. A few helpful hints are: Read more
Brisbane – Missing the Boat…
Many home buyers and Realtors are missing the boat when it comes to a nearby town that offers great weather, lots of amenities and darned good real estate prices. I’m talking about the little community of Brisbane. It is located 10 minutes (or less, if you drive like me!) from the airport and is only 10 minutes to downtown San Francisco. Yet, hardly anyone even knows of it’s existence.
Brisbane is a hidden gem here on the Peninsula. It is located on the side of San Bruno Mountain between San Francisco and South San Francisco. There are only 3,597 residents, which makes it one of the smallest communities in the area. It is very unlike your typical suburb in that it has a hodgepodge of all types of architecture, from shacks to mansions, with very few ranch style homes. Many of the homes have great views of the Bay and downtown San Francisco.
The people of the community are almost as diverse as the architecture. Living in the town are world renowned film makers, rocket scientists, artists and musicians…all living happily amongst all of us regular folks. Brisbane is known as the “City of the Stars” because for over 65 years the residents have put up stars on their homes during the holiday season and even have a “Festival of Stars” each year. Read more
Old School Pricing Is Out and Price It Right Is In
Many sellers are determined to set their listing price higher than they are willing to accept so they have room to negotiate. With the New Millennium buyers they unfortunately will not get any offers. Today’s buyers are more educated than any others. The internet gives the buyers the opportunity to research all public records. They know the price of all the homes in the area that sold recently and are on the market. They know the trends, the cost per square foot; they know what the seller paid for the home and how much they owe and sometimes the improvements the owner has completed. If a home is over-priced the “New” buyer is almost offended that someone would expect them to purchase it at the “Over Valued List Price” so they don’t even make an offer. Many don’t even waste their time to view the home. That is the old school pricing method. My parents would have done that. Back then information was not so accessible. Read more
Do Home Sellers Want to Hear the Truth?
On first impulse, most homeowners would say that, of course, they want their agents to tell them “the whole truth and nothing but” when it comes to the sale of their home. But do they really? There is a common mistake that home sellers make: choosing a real estate agent based on the price that the agent says they can get for the home. Don’t make this common mistake!
Pricing Homes to Sell in the Bay Area
Pricing homes to sell. Please note I said “To Sell” not just “For Sale”. Correct Pricing in today’s Bay Area’s Real Estate Market is more important than ever. To review market value please check out, http://www.pruvoices.com/2008/10/what-is-market-value/ Overpriced homes do not get viewed. They remain on the market for a long time, become stale and even after chasing the market with price reductions usually sell below market value. Buyers think something is wrong with it; the sellers are frustrated and desperate. Read more
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