If you’re considering buying or selling houses in the Los Angeles, Washington, DC; Virginia; or Maryland market, you’re probably very aware of the massive housing boom that’s happening right now. If you are currently living in one of these 3 areas previously mentioned, then moving to Maryland after buying a new home is not going to be so complicated. Interest rates are pushing many to explore homeownership, and low inventory is creating a dramatic sellers’ market.
If you’re currently a homeowner, here’s what you need to know about how this environment could affect your potential home improvement decisions:
The Boom Is Affecting New Constructions and Existing Homes
This recent flurry of real estate activity is not limited to new constructions being built and sold. It’s very much affecting existing homes as well. (If you want a breakdown, here’s one high-level, data-driven overview of how the pandemic might have quite literally changed real estate forever.)
If you’re considering selling your home in this environment of motivated buyers, getting improvements done now could provide greater-than-usual return on your investment.
Home Improvements Can Give Your Home the Edge
Lots of buyers are interested in real estate right now. If you’re serious about listing your home, a dramatic, custom, high-end home improvement project could be the eye-catching detail that improves home inspection score and makes a buyer choose your home over another.
If, for example, you’re looking to update a deck, consider a premium option like Zuri decking. The added quality and aesthetic improvement will help your listing stand out in photos and virtual tours, and it will provide an enticing outdoor area to safely gather with friends, family, and loved ones.
Buyers Prize Space Right Now
With many homes suddenly serving as home offices and virtual schoolrooms, space is at a premium. Current moving trends reflect this. People are largely moving from urban areas to suburban spaces, where larger homes and a bit more property provide the opportunity to customize a home to these new requirements.
If you’re thinking about undertaking a home improvement project, consider one that will add usable square footage to the home. Outdoor spaces that also allow for safe social distancing look to be especially popular in 2021.
Please note, we here at Design Builders are not real estate agents or experts. We’re a custom design and build firm servicing the Washington, DC; Virginia; and Maryland markets. This article solely reflects what we’re currently seeing in the market and with our customers, and it’s not intended to serve as real estate advice.
If you have questions about a home construction project you’re considering, that’s our area of expertise, and we’re happy to talk through that with you! Contact us, and we’ll get back to you as soon as possible.