Annandale Real Estate:  Has Our Market Changed since Covid - That is the Question.

By:  Pat Sawhney, ReMax 100

As you probably know, with people spending more time at home the number of people renovating their homes has grown phenomenally. This is coupled with the increase in renovations for selling homes now.

One of the most important remodeling jobs is for the kitchen. This many times includes, if the floorplan allows, opening up a wall or several walls to create a wide-open living space. For older homes with boxy rooms this is very important. Labor costs have increased alongside the increase in the price of lumber and other materials, as well as a backlog in delivery times. 

If you plan to sell your home now or in the near future, should you do any renovations? This comes down to costs versus final sales price. In most cases there is a benefit to remodeling, especially in the higher price ranges. If it costs $100,000 to do a remodel you will usually recoup that cost at resale. Many buyers do not have the time, money or inclination to move in and start remodeling; the value can be captured in their loan amount versus having an immediate infusion of cash. Sellers can use a home equity line of credit to cover the costs. 

If you decide not to remodel, having a nice fresh coat of neutral paint, with minimal staging, clear surfaces and proper pricing will help you to find a buyer. There are rehabbers looking to do flips and they will pay cash.

It’s a good idea to consult with your Realtor to obtain advice on costs and pricing, including involving a general contractor to provide quotes and ideas. Overall, the market is still very strong with plenty of buyers looking to make a move now, despite the COVID-19 pandemic.  Mortgage money is plentiful with historically low interest rates.  So, the answer is—the market has changed with more homes coming on line to help satisfy the huge buyer appetites! 

Let me know how I may assist you!  
                                                        
               Before Kitchen Remodel:  Dated and Tired                                                              After Kitchen Remodel: Sparkly new with updated                                                                                                                                                 finishes and well integrated into the home design 

Pat Sawhney
ReMax 100 Realty
5501 Bradlick Rd.
Springfield, VA  22151
703-395-9214
patsawhney42@gmail.com

More on Annandale Real Estate
Median Home Price in Annandale
2010     $507,800
2015     $539,900
2019     $615,533
2021     $667,500

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