Category Archives: Condo

A modern house covered in windows with wooden elements and a beautiful green lawn in front of it.

How to Boost the Selling Price of Your Condo

Buying a property is both a big hassle and excitement, but selling one is too. If you’ve been thinking of selling your home and upgrading to a larger place, it’s essential to make arrangements and have a prepared checklist to follow. Since buying a house is one of the most important steps in one’s life, you should look for ways of getting a higher profit moving forward. After all, the goal of any property investment is to increase its value if you eventually decide to sell. So, if you are wondering how to boost the selling price of your Condo, stay tuned.

What are things that increase the value of homes?

Fortunately, there are a variety of home improvements that help in boosting the value of the property you want to sell. In addition, you can follow simple and low-cost tips and tricks to sell your house for a more significant profit. For example, you can use your social media to attract potential buyers. Engaging and creative social media content is low-cost or free (if you get self-educated), and can bring in many viewers to your property.

On the other hand, some serious investments and upgrades will definitely pay off. Therefore, we covered both areas to help you choose which improvements work best for you and your Condo.

How to boost the selling price of your Condo low-cost

Although the tips you are about to see are low-cost, they will make a massive difference in how your property looks. Therefore, following these tips will increase its value. Some of our top budget-friendly home improvements that increase the value of a home are:

  • deep cleaning
  • painting
  • adding a curb appeal
  • fixture changing
  • staging the property

Do a proper cleaning

A clean and tidy home will get you the best possible price. This step counts for both inside and outside.

Firstly, focus on all the commonly used and visible places, but remember to pay attention to the hidden corners you can’t always see. For example, get behind the fridge or stove and move the furniture to clean what lies underneath.

Another thing to count in this step is decluttering, which also goes a long way. Remove your personal possessions and family photos, remove the keys and medicine from the counters and make everything depersonalized and tidy.

Add a fresh coat of paint

Painting your walls is an easy DIY project that you can do on a limited budget. A fresh coat of paint makes any place look modern, fresh, and appealing.

how to boost the selling price of your apartment is by giving it a fresh coat of paint while having the right painting equipment
You will be amazed by what difference a fresh coat of paint can make.

In addition, before giving your walls a new look, you should examine them for any visible signs of damage. These small improvements will make your Condo look brand new without many innovations.

Change the fixtures

A simple and sometimes neglected house innovation that definitely counts is the fixtures. You will add a new dimension to the place by replacing the doorknobs and cabinet handles, light switch covers, and light fixtures. 

Stage your Condo

This step includes decluttering, which we mentioned earlier, and proper furniture arrangements. Don’t forget the amount of furniture is also crucial since you don’t want the place to feel cramped. Also, remember to make each room functional, which helps potential buyers imagine themselves in their new home.

Moderate and high-cost tips

Since the number of homes for sale is increasing, you want to make sure you make yours stand out. Investing a moderate or high sum of money in some of these renovations will undoubtedly add significant value to your property. So, if you are wondering how to boost the selling price of your Condo, these are the tips:

  • windows or door change
  • change of flooring
  • kitchen or bath updates
  • property renovation

Change doors or windows

Apart from the stylish looks, new doors and windows can make your home more energy-efficient, eventually leading to affordable household running costs. 

Installing new doors or windows can help reduce noise, allow more natural light to come in, and help lower heating and cooling bills.

Replace the flooring

Another thing buyers will look at is the flooring, even if it sounds strange. 

a kitchen with an island table in the middle and high chairs on a wooden flooring
More carpets are being replaced with wooden flooring.

Hardwood floors are the all-time favorite. Any potential buyer will expect the flooring to be contemporary, durable, clean, and stylish. Therefore, it would be a good investment if you have the finances and time. 

It would also be a good idea to use the renovation period for your own relocation. After all, you don’t want to be living in a home you are trying to sell while having to pack and having repairmen in it. To avoid the chaos every moving season brings, it would be good to plan your relocation process and find the best crew for the job. This way, seasonal movers will ensure everything goes smoothly and nothing is slowing down your relocation.

Kitchen or bath updates

The kitchen and bathrooms are known to leave the biggest impressions on home buyers. After all, these are the most widely used rooms and should create a good impression.

A clutter-free white kitchen with a large white island
How to boost the selling price of your Condo is by investing in kitchen renovations.

You can change the hardware, the countertops, and the flooring in your kitchen to make it look flawless and brand new. Of course, buying new appliances would also be a good idea.

In the bathroom, you can change the toilet, the sink, or the bathtub. If the place allows, you can consider adding a shower too. Even changing the room layout will spruce up any bathroom.

Complete renovation

The step that requires the most significant investment and will definitely help increase the selling prices is a complete renovation of your Condo. By completely redoing it, it will have a modern design and materials, which will definitely be more appealing to your buyers.

Conclusion on how to boost the selling price of your Condo

When the time comes to sell, these home improvements will definitely answer your question of how to boost the selling price of your Condo. Remember to do your research, get answers to any of your questions, and invest in a way that will ensure you profit.

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available Lake of the Woods properties, please visit our site.

Photos used:
https://www.pexels.com/photo/exterior-of-modern-house-with-glass-doors-and-panoramic-windows-7031607/
https://www.pexels.com/photo/kitchen-and-dining-area-1080721/
https://www.pexels.com/photo/kitchen-island-and-barstools-534151/
https://www.pexels.com/photo/wood-art-creative-wall-5799100/

3 Charts That Show This Isn’t a Housing Bubble

With home prices continuing to deliver double-digit increases, some are concerned we’re in a housing bubble like the one in 2006. However, a closer look at the market data indicates this is nothing like 2006 for three major reasons.

1. The housing market isn’t driven by risky mortgage loans.

Back in 2006, nearly everyone could qualify for a loan. The Mortgage Credit Availability Index (MCAI) from the Mortgage Bankers’ Association is an indicator of the availability of mortgage money. The higher the index, the easier it is to obtain a mortgage. The MCAI more than doubled from 2004 (378) to 2006 (869). Today, the index stands at 130. As an example of the difference between today and 2006, let’s look at the volume of mortgages that originated when a buyer had less than a 620 credit score.

Dr. Frank Nothaft, Chief Economist for CoreLogic, reiterates this point:

“There are marked differences in today’s run up in prices compared to 2005, which was a bubble fueled by risky loans and lenient underwriting. Today, loans with high-risk features are absent and mortgage underwriting is prudent.”

2. Homeowners aren’t using their homes as ATMs this time.

During the housing bubble, as prices skyrocketed, people were refinancing their homes and pulling out large sums of cash. As prices began to fall, that caused many to spiral into a negative equity situation (where their mortgage was higher than the value of the house).

Today, homeowners are letting their equity build. Tappable equity is the amount available for homeowners to access before hitting a maximum 80% combined loan-to-value ratio (thus still leaving them with at least 20% equity). In 2006, that number was $4.6 billion. Today, that number stands at over $8 billion.

Yet, the percentage of cash-out refinances (where the homeowner takes out at least 5% more than their original mortgage amount) is half of what it was in 2006.

3. This time, it’s simply a matter of supply and demand.

FOMO (the Fear Of Missing Out) dominated the housing market leading up to the 2006 housing bubble and drove up buyer demand. Back then, housing supply more than kept up as many homeowners put their houses on the market, as evidenced by the over seven months’ supply of existing housing inventory available for sale in 2006. Today, that number is barely two months.

Builders also overbuilt during the bubble but pulled back significantly over the next decade. Sam Khater, VP and Chief Economist, Economic & Housing Research at Freddie Macexplains that pullback is the major factor in the lack of available inventory today:

“The main driver of the housing shortfall has been the long-term decline in the construction of single-family homes.”

Here’s a chart that quantifies Khater’s remarks:

Today, there are simply not enough homes to keep up with current demand.

Bottom Line

This market is nothing like the run-up to 2006. Bill McBride, the author of the prestigious Calculated Risk blog, predicted the last housing bubble and crash. This is what he has to say about today’s housing market:

“It’s not clear at all to me that things are going to slow down significantly in the near future. In 2005, I had a strong sense that the hot market would turn and that, when it turned, things would get very ugly. Today, I don’t have that sense at all, because all of the fundamentals are there. Demand will be high for a while because Millennials need houses. Prices will keep rising for a while because inventory is so low.”

Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available Lake of the Woods properties, please visit our site.

Beautiful Condo in Alexandria, VA! 5500 Holmes Run Pkwy #703 Now SOLD!!

Welcome to 5500 Holmes Place #703! Only minutes from the new Amazon Headquarters. Enjoy the fitness center, sauna, pool, courtyard and barbecue area. Place One building has been renovated and is beautiful. This beautiful condo has been updated! Very open floor plan, kitchen has a lot of counter and cabinet space, washer/dryer is in unit, Storage Locker. One Assigned spot #357 in under ground parking. For more info, Click Here!

 Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Culpeper, Northern Virginia or even Maryland or DC, we are your Real Estate team committed to finding the perfect home for you! Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar, and in a timely manner. Pricing your home accurately, one of our area expert advisors will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.

To see available properties, please visit our website licatagroup.com