The housing market in the greater Houston area is soaring to unprecedented heights. The Houston Association of Realtors reports that year-over-year home sales are up 13.4 percent. Homes in the Bayou City are selling for an average of $268,085, which is the highest figure yet for Houston.
Rising home prices are great news for homeowners looking to sell, and that trend is likely to continue in and around Houston. After all, home sales have been positive for 25 months in a row, and the gradual rebound of the national housing market is indicating that sales won’t be slowing down anytime soon.
But even with good conditions expected for sellers in the future, the time to remodel your home (and increase your home’s value) is right now. Here’s 5 reasons why.
1. We aren’t riding a housing bubble.
This isn’t the first time that home prices have risen dramatically in a short period of time. In fact, home prices spiked nationwide between 2003 and 2005. What happened next? The housing bubble burst, home prices plummeted and the United States economy fell into a recession.
Yet, real estate website Truila doesn’t expect gloom and doom this time. Although homes are currently overvalued in several parts of the country — including Southeast Texas — their prices aren’t nearly as far from fair market value as they were in 2006 (when homes were 39% overvalued nationwide, according to Trulia).
Trulia says that homes in Houston are currently overvalued by 2%. But since inventory is expected to meet demand and mortgage rates are expected to rise, home prices in the Houston area are expected to revert back to market value in the years to come.
So while now might be the best time to sell a home, it’s also the best time to remodel your home. That way your home will have a higher market value, even if you sell when the Houston market isn’t as overvalued.
2. Energy-efficiency increases your home’s value.
Going green is a big deal right now. If you drive on a Houston-area freeway these days, you’ll probably see a Prius or two, or another hybrid vehicle. Making your home energy efficient through renovations is a really good way to make it more appealing to buyers.
Installing energy-efficient windows and making other similar improvements to your home can be expensive, but you’ll likely get a great Return On Investment (ROI) whenever you sell the home. In fact, Angie’s List says that replacement windows alone offer a 70% ROI when a home is sold. Given the current state of the Houston housing market — and the sunny future forecast for it — that could mean big money.
Of course, if you invest money in energy efficient remodeling, you’ll also reap the benefit of lower energy bills. Go green now, so you can see more green sooner.
3. Remodeling protects your home against Mother Nature’s fury.
All across America, weather seems to be getting more severe. In the past decade, two different coastal areas were devastated by hurricanes, and Oklahoma was ravaged by several deadly tornadoes this spring alone. It’s important to protect your Houston-area home against the potential for weather that’s more severe than ever.
Whether you live in a coastal area or further inland, weatherproof siding and other fortifying improvements will help your home resist severe weather better. Don’t wait for a devastating weather event to hit before making these improvements. Stormproof your home now!
4. Curb appeal is a big deal during economic improvements.
The housing market is very strong in the Houston area right now, which is great for sellers. But home buyers won’t buy just any home that’s out there. That’s why curb appeal is so important.
Trendiness is important in the digital age, and not just on Twitter. Even if you don’t believe in following trends (yet still found your way to this blog article), making your home appealing to current buyers is important. Homebuyers tend to gravitate towards homes with more curb appeal — both because they look better, and because the buyers won’t have to renovate the home to look trendy after they buy it.
5. Home remodeling contractors are getting busier and busier.
As the housing market heats up, home improvement contractors are seeing more business. As always, current homeowners are looking to revitalize their homes. Yet, more homeowners are looking to remodel their homes before they put it on the market as well. Add house-flippers and Millennial home investors to the mix, and contractors are likely to get even busier.
With more and more customers vying for the services of contractors, prices for these services could rise in the years to come. While that’s far from a definite statement, it’s safest to invest in that remodeling project now.
If you’re inspired to get that remodeling project off the ground, Best Investments Siding and Windows is here to help. We work on siding, replacement windows, doors, stone work, pergolas, carports, patio covers, sunrooms and more. Click here or give us a call at (281) 852-1866, and we’ll give you a free quote.