In these tough economic times, you may be surprised to hear that home prices are jumping in the Memphis and DeSoto County areas. That may sound unlikely, but it’s true—as shelter-in-place orders have started to lift, home prices rose—up almost 12.6% over the last two years.
So how can you take advantage of this new market? This article breaks down what’s going on and how you can save money in a new home or boost your home’s value for sale and take advantage of those prices and get those multiple offers rolling.
Why are home values going up?
In short: supply and demand. While unemployment rates have risen, the number of jobs in Memphis grew before the coronavirus pandemic, and lots of people who were in the process of looking to move from an apartment to a house or from one area to another have decided to take advantage of low interest rates.
Another factor is that current demand for houses exceeds the number that are available. Not many houses are up for sale—over the past few years, there hasn’t been much construction of new homes. This means that houses that are up for sale get more offers from more potential buyers, who offer amounts well over the listed price in an effort to snap up one of few properties on the market.
In DeSoto County Mississippi, there’s even more evidence of jumping home values. Their suburban area has had a surge of home building in the past few years, and houses there are selling for about 22% more than they did two years ago. All of this means that it’s a great market for sellers—and while low interest rates help buyers, they’re also facing some stiff competition.
How can I get my home ready for sale?
The pandemic and increased amount of time that people are spending at home has made buyers particularly aware of the importance of kitchens and bathrooms—even more so than they were already. While these rooms are always central deciding factors for buyers, social distancing means that more potential buyers have spent more time in their homes, thinking about what features they like, don’t like, and want they want to see in a new home.
That’s not to say that you need to renovate your home to have all the latest-and-greatest features—that heated bathroom floor and super-smart kitchen might not recoup as much as a mid-level renovation that updates appliances and countertops. A mid-level kitchen renovation often gets a return on investment of about 81%, and a mid-level bathroom renovation about 67%. In kitchens and bathrooms, buyers like modernized cabinets, counters, and fixtures—they like looking at a space and being able to picture living in it without worrying about how much it will cost to get it to be functional for them.
Chips, cracks, rust, or damage to surfaces like sinks, counters, or tubs are all like seeing big warning signs—not only do buyers consider how a damaged surface can make a room look dirty and tired no matter how clean it is, but they also have to wonder if there’s been long-term damage to the structure and the fixture. Granite countertops are a particular draw for those looking to buy a home, but if those countertops are showing signs of wear and tear, they might be a turn-off for a potential buyer.
The good news is that these issues don’t need to cost a fortune to address. Refinishing—also called reglazing or resurfacing—can get tile, counters, sinks, tubs, or showers looking great again in just a few short hours.
Can refinishing really help?
Absolutely! Remember that buyers aren’t usually looking for the fanciest, top-of-the-line appliances and fixtures. A kitchen that looks clean, damage-free, and well-cared-for can go a long way towards selling the space, and this is exactly what refinishing does.
During this process, which you can find detailed on our blog, our factory-trained professionals ventilate your home and strip the existing coating from the surface. Then, any damage is repaired, which protects the area from any potential internal or structural damage. Then a new coating is applied, leaving your surface looking like new.
If an outdated color is dragging down the look of a room, a new color can give it a quick refresh without the cost of replacement or a full renovation. These less-expensive and quick updates can have a big impact on getting a buyer.
What if I’m looking to buy a home?
For those looking to buy, knowing that many surfaces can be refinished without the time, cost, and hassle of replacement might be a welcome relief. Online home tours might make it hard to investigate the things you might want to do during an in-person tour—it’s difficult to check sinks for worn spots, tubs for chips, and countertops for scratches or signs of wear. Or, maybe you’re looking to buy in a market where homes are scarce and have found a house that’s just great—except for the salmon-pink tub, or the harvest-gold colored sink.
Not to fear! Resurfacing can deal with chips, cracks, rust, or damage, and can update the color of your fixtures, too. And if the countertops in your home could use a color update, faux granite countertops might be a solution for you—this coating gives the look of stone without the cost and need for constant sealing and care. If you’re looking to refresh a space without the cost and hassle, refinishing might be the cost-saving, time-saving measure you’re looking for.
Where can I find counter and sink reglazing near me?If you’re looking for tub, shower, counter, or sink refinishing, Memphis is the place to be! The Tub Pros proudly serve the greater Memphis area. Whether you’ve just purchased a home, are looking to sell, or just want to get your home looking and functioning great, we’re here to help with refinishing projects that will improve your space. Give us a call or you can use our convenient online form. Call today (901) 871-8827 to get started!
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