If you contemplated selling your Orange County home, it could be a sweet summer. The OC real estate market is sizzling, especially for home sellers with homes they want to list in the $500,000 to $700,000 price range. According to a recent article by ocregister.com, home prices are within 7 percent of the real estate boom prices. Experts attribute the incredible home value increases to solid job growth and historically low-interest rates. Of course, it also has to do with generational buying patterns. As millennials in their 20s and 30s move up in their careers and pay off college loan debt, they have the money to spend on first homes. Also, move-up buyers from across the country have more home equity to afford homes in the OC. Because the inventory of homes priced between $500,000 and $700,000 is still low, talk to an experienced luxury OC Realtor about a free home valuation.
Boosting your home’s value
If an appraiser would likely value your home for around $400,000 to $450,000, it could pay to make improvements to boost your home’s value. For between $50,000 and $100,000, you could renovate a kitchen, add a master bedroom or outdoor living space. But experts say most homebuyers today want the practical aspects of the home covered first. In other words, put on the new roof and replace outdated plumbing before putting in custom cabinets.
Competing with new construction
As a seller, you can compete with the new construction by replacing old windows and doors and appliances. Energy-efficient and “green” features appeal to many OC buyers. According to the ocregister.com, rising demand for housing due to escalating rent costs means more new construction. Single-family home construction starts this past spring hit the highest level in more than 7 years. If you aren’t sure what is hot in new construction, talk to your Realtor about visiting new home models in your area. If you want to stay in the OC, you could end up finding a new home you like in Nellie Gail Ranch, Newport Beach, San Clemente, Newport Coast or other hot areas.
With the right OC Realtor by your side, it’s possible you’ll be shuffling through multiple offers on your home. The Feldman Group makes sure you get the most money for your luxury Orange County home whether you live in Mission Viejo or Laguna Beach. For more information about the seller’s market in California, please contact us.