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It’s spring! And that means many homeowners are thinking about selling their homes. The last couple of years, home inventory has been ultra-low. In Fairfield Glade—before the pandemic—by the time spring became summer, there were usually about 350 homes for sale. But as COVID worked its way through our economy, there were as few as 12 homes for sale in the Glade!
Today, inventory is improving. As I write this, there are 86 homes for sale locally.
That means, if you are thinking of selling, competition has begun to heat up. So, it’s incredibly important to show your home in its best light.
Many homeowners tackle renovations as soon as they buy their homes. Then, they stay in them 16-20 years (our local average) and tend not to make a lot of improvements later on.
Well, you know that everyone watches HGTV now, so your home may need a facelift to
compete—especially with the newer homes available.
Consequently, you may want to do a few renovations to get your home ready for potential
buyers. However, not every renovation pays off in terms of recouping your money when you sell.
Remodeling by JLC recently published a list of home renovations and their potential payoffs.
I’ve listed a few below. For the complete article, see https://www.remodeling.hw.net/cost-vs-
value/2023/.
You may be surprised by the renovations you thought would pay off!
2023 NATIONAL AVERAGES
PROJECT JOB COST RESALE VALUE COST RECOUPED
HVAC Conversion | Electrification $17,747 $18,366 103.5%
Garage Door Replacement $4,302 $4,418 102.7%
Manufactured Stone Veneer $10,925 $11,177 102.3%
Entry Door Replacement | Steel $2,214 $2,235 100.9%
Siding Replacement | Vinyl $16,348 $15,485 94.7%
Siding Replacement | Fiber-Cement $19,361 $17,129 88.5%
Minor Kitchen Remodel | Midrange $26,790 $22,963 85.7%
Window Replacement | Vinyl $20,091 $13,766 68.5%
Bath Remodel | Midrange $24,606 $16,413 66.7%
Window Replacement | Wood $24,376 $14,912 61.2%
Roofing Replacement | Asphalt
Shingles $29,136 $17,807 61.1%
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