Charlie Veaudry

Serving you with passion!

 

Fall can be a time when many people start to look at their homes and wonder what they should do for upkeep, to freshen things up a little, or even make some large changes. When contemplating projects and renovations, it's not a bad idea to consider the investment as it relates to resale value for your home. 

Did you know that only some renovations will get you more money when you sell?

You don't always get your money out of every renovation when you sell. I thought the below list of average costs compared to the return on the investment of that renovation was an interesting read. I hope you do too. Keep in mind that estimates are based on a sale directly following the renovation.


PROJECT

ESTIMATED COST

% RECOVERABLE (on Sale)

Repaint frame house

$2,000 to $5,000

300%

Instal new exterior siding

$3,000 to $8,000

200%+

New Flooring

$3,000 to $8,000

150 - 200%

Add a garage

$7,500 to $15,000

150%

Add a full bath:

$2,000 to $5,000 (in existing space)

 

To a 1 bath home

 

150%

To a 1 1/2 bath home

 

60%

Add a bedroom

$2,500 to $6,000 (in existing space)

 

 

$10,000 to $15,000+ (add on space)

 

To a 2 bedroom house

 

120-150%

To a 3 bedroom house

 

40 - 60 %

New Kitchen

$6,000 to $15,000

up to 150%

Finish basement - rec room, bedroom & bath

$10,000 to $25,000

100%

Reshingle roof

$3,000 to $8,000

50%

Landscape

$1,000 to $4,000

80%

Add a pool (inground)

$20,000+

50%

Add a fireplace

$1,500 to $3,000

50%

Instal central air

$2,500 to $4,500

up to 50%

All figures are approximations, individual quotes may differ.


This is not an exhaustive list, and if you would like to talk more about what you can do to prepare to sell your home, feel free to reach out. I would love to take the time to speak with you and answer any questions you may have.  
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This summer market continues stronger than the summer markets in the last 6 years with rising sales, falling inventory and prices firming up and moving solidly into a Seller’s market. It is the right time to get your home sold. Looking at the early September month-to-date numbers, the strong summer market could continue into a strong fall market with sales up about 70% over September 2013 month-to-date.


Sales - The total sales for the 12 months ending August 2014 rose to 967, up 33% from the 12 months ending August 2013 and the highest volume of sales in the last 7 years since 2007.


Inventory - The average monthly inventory of single family homes dropped down 9% to 584 for the last 12 months ending in August 2014, the lowest average inventory we have seen in the last 6 years. Inventory has not been this low since 2008 - just before the start of the recession triggered by the US banking crisis.


Prices - Average median prices continue to rise. At $342,446, average median prices for the last 12 months ending in August 2014 rose 3% over average median prices for the 12 months ending in August 2013. This increase is for average median prices across the board and is largely due to the fact that prices on higher end homes have been reduced so much (some as much as 25%) that sales are now starting to recover. This is causing the illusion that prices are increasing in all home categories and that is definitely not true.


For instance, right now some price ranges in some neighbourhoods are starting to rise slightly but other price ranges have just stabilized or are still dropping slightly. Therefore, overall average price in any given marketplace cannot accurately predict what is happening. I have found that using an HPI (Home Price Index) works best. This HPI considers all the sales of a typical house in a certain area and compares them to the same type of houses sold in the previous years. We find when we do an HPI that house prices are doing different things in different areas and in different price ranges. I would be happy to do an HPI evaluation on any property you have. Simply give me a call or send me an email.


Absorption Rate


The rate at which our inventory is being absorbed by sales continues to rise. The average absorption rate of 13.85% over the 12 month period ending August 2014, is now the highest in the last 7 years. At the end of August 2014, there was 6 months of inventory available on the market, up slightly from 5 last month. This is still considered a balanced market trending towards favouring Sellers over Buyers and putting more upward pressure on prices as inventory tightens.


From these numbers, it looks like we can expect the market to continue to rise as we continue in the busiest summer season we have seen in 7 years. Sales for the first week of September 2014 continue to show improvement with a 70% increase over the same time period in September 2013.


The market over the next 6 to 12 months will be characterized by continued increasing sales and lower inventory moving more rapidly towards a market that now favours Sellers with more competition from Buyers and higher prices. Prices will continue to rise as consumer confidence gathers momentum and brings with it more Buyers.


If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page for more information with graphs and full detailed data.

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Office Location:

5603 27th Street Vernon BC V1T 8Z5 CA

Charlie Veaudry

I make myself available at all times. My web site is here to help you 24 hours a day. You can search listings at your own convenience, browse reports, and read up on real estate info on your own terms. When you are ready to see a listing in person, or just have a simple question, please dont hesitate to contact me!

 

When you make the important decision to buy or sell a home, I am committed to going the extra mile to ensure that all of your needs are successfully met in a professional and honest manner.

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