Real Estate Q & A

QUICKREAD

Information courtesy of The Bray Report produced monthly by Bray Real Estate, which compiles data from several sources, including the Grand Junction Area Realtor Association Multiple Listing Service and the Mesa County Public Trustees office.

By Special to the Sentinel Wednesday, September 10, 2014

Between Jan. 1 and July 31, 2014: 1536 properties were sold in Mesa County. The median price for those sales was $180,000 which is a 5 percent increase over the same period in 2013. The number of sales is down about 3 percent during the same period in 2013 (1,578 homes sold). Of the 260 homes sold in June, 28 sold for less than $99,000, 123 sold for between $100,000 and $199,000, 71 sold for between $200,000 and $299,000, 24 sold for between $300,000 and $399,000, 10 sold for between $400,000 and $499,000, 4 sold for between $500,000 and $749,000 and none sold for $750,000 or more. Listing inventory is up 11 percent from the same time one year ago (115 more homes), but down 37 percent from four years ago. Homes sold in January through July spent an average of 91 days on the market. Building permits through July are up 1 percent from last year.

Dave, We are planning on putting our home up for sale next spring, but in the meantime we are going to be taking care of general maintenance items that need to be addressed and also those things that are in need of obvious repair. We are considering several other more significant improvements like updating the kitchen, the bathrooms and potentially the carpet. We do have a limited amount of money to make the fixes and we were wondering which of these might prove to be the most beneficial? We are looking to make the most impact, but also be putting our money and time in the right places, considering we are selling soon and will no longer be there to enjoy our improvements. Any advice would be great. Ron and Beth, Grand Junction

Ron and Beth, Great question and also wise to start planning for a spring sale now, especially if you have work that needs to be done! Planning to get your home in tip top condition is not only in your best interest financially, but will also help you sell your home in a more timely fashion, assuming your price it correctly! Condition is one factor that every seller has control over and should never be overlooked, as you never get a second chance to make a first impression and first impressions are very valuable. When you take care of all the things that obviously need repair and also dial in the overall condition, you will be well on your way to getting ahead of your competition. I can generally say that cosmetic fixes go a long way in making your homes first impression a better one. I always recommend flooring and paint, as those are two items that can make the biggest impact for a reasonable investment. As for more complex or major remodeling projects I generally go to another source, the Cost vs. Value report that is annually put together by Remodeling magazine and Realtor magazine and can be accessed in its entirety at realtormag.realtor.org. The Cost vs. Value report is a wonderful tool to see, on average, what return you can expect from any moderate/major remodel you are considering. Remember the returns may be greater or lesser depending on many variables, but it is a nice measuring stick to see how different projects stack up on a national level. Remember, this is a good measuring stick, but not a definitive indicator or expected rate of return for our specific market or your specific home. Some of the highlights are as follows:

Front entry door replacement with steel door returned 85% Deck addition returned 77% Siding replacement (with fiber-cement) returned 79% Garage door replacement returned 75% Minor kitchen remodel returned 75% (major kitchen remodel 69%) Window replacement returned 72% Bathroom remodel returned 58%

One thing to note here, most of the highest returns on the list deal directly with exterior changes! Curb appeal is one of, if not, the most important aspects of selling any house and often times the most overlooked. Remember, buyers are generally exposed to your home online first and then drive by it several times before scheduling a showing. My recommendation would be to make sure you spend an adequate amount on the exterior to spruce it up and make sure that the curb appeal is as good as you can get it and then look to the inside for other improvements. A growing trend is outdoor living and entertaining space that provides a real impact for potential buyers! Inside, go with flooring, paint and fixtures first and then move on to the kitchens and bathrooms. Remember to spend wisely and have your real estate agent help you decide which improvements can be done to deliver the most impact at the most reasonable cost! New pulls on kitchen cabinets, new light and sink fixtures with a wow back splash can sometimes provide enough impact and keep your costs down. I hope this helps.

Dave Kimbrough The Kimbrough Team REMAX 4000 Inc.

Do you have a question? Send it to askdavegj@gmail. com and Dave Kimbrough will personally answer it in this space. Some questions may be more technical in nature than others and require more time to research. Due to volume we cant guarantee a response to every question.

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Real Estate Q & A