For the last few years, many have wondered if the once lucrative real estate industry would ever again make for a good investment. The experts are saying, Yes.
California and Florida were two of the hardest hit by the housing market bubble, but many of their metro areas are expected to see the greatest increase in home prices through 2016. In Florida, four of the ten metro areas where home prices are projected to grow the most include Ocala, Palm Coast, Panama City area, and the Palm Bay-Melbourne-Titusville area. Meanwhile, Gainesville is among ten markets that are expected to suffer continued declines in home values.
According to Ocala Attorney Fred Roberts, general counsel for Roberts Real Estate, location is a key factor when determining a home’s value.
“While many areas have seen a tremendous pressure from short sales and foreclosures, other areas throughout Central Florida have been less affected. The continued desirability of specific neighborhoods and the lack of development during the real estate bubble have allowed many areas to retain more of their value.”
Regarding appraisals, “They are more of an art than a science in many respects,” says Roberts. “The ability to determine comparable sales can vary depending on the person conducting the appraisal. Having a realtor help you in properly setting the price for your home can help to accelerate the likelihood of obtaining a buyer and also can reduce the possibility of appraisal issues during the buyer’s financing process.”
Meanwhile, here are a few inexpensive things you can do to increase your home’s value.
Get rid of the clutter. It’s been said if you haven’t used something in a year, you should get rid of it. Of course, that doesn’t include special memorabilia. But, certainly, many local charities and thrift shops would likely welcome any usable items you pull from a dusty shelf or from your attic or closet.
Create a theme for each room. Pick a style or age of furniture, aesthetic patterns, and colors, and bring it all together in a cohesive look throughout the entire house.
Spruce up the walls with paint. Pick neutral colors that tie the rooms together. Add chair-rail or a ceiling border. Contrast wall colors with a different hue for cushions and drapes. A fresh coat of paint can eliminate ugly stains and dirt while leaving your house smelling fresh and new.
Replace the flooring. If your budget can handle it and a new carpet or tile will help, go for it. It’s been said that the first thing a buyer notices when entering a home is the floor.
There was a seller who painted her house inside and out, but failed to replace 20-year-old carpeting that was badly worn. For the first two years on the market, the house showed well on the outside, but once viewers stepped through the front door, their faces dropped. A savvy real estate agent advised the seller to replace the carpet. She did, and the very next visitor bought the house — and paid her asking price.
So, give your home a facelift. Paint walls, patch holes, fix broken hardware, whatever you can do to enhance it’s appearance. When the time comes to sell, you may be surprised by a higher appraisal.
What’s your Ocala home really worth? Roberts Real Estate specializes in personal service backed by a deep knowledge of the local community. Let us assist you with a market analysis to determine the value of your home. Call (352) 351-0011 to speak with one of our agents today.