Shortage of new homes in San Diego inspires sellers’ real estate renovations
By Scott Murfey, Murfey Construction
Homeowners throughout San Diego County are waving goodbye to the housing recession, welcoming instead a new market full of potential. The optimism of our current housing market is due in part to the burgeoning growth of real estate sales in the area, especially new homes which have recently become a hot ticket in today’s market.
According to a recent report from the New Housing Monitor, the inventory of new homes in San Diego County is at its lowest level since 2004, indicating a high demand for new construction.
“Builders are frantically grading for the next phase of lots,” Peter Dennehy, senior vice president at Meyers Research, told the San Diego U-T (http://bit.ly/Zwlr89). “But they probably won’t start production on the houses for a couple of months.”
New home communities in Del Sur, Mission Valley, Rancho Bernardo, Escondido, Chula Vista and 4S Ranch are down to their very last new homes.
“They can’t offer any new product,” he said.
Many interested buyers are now searching for alternative options since the San Diego new home inventory is scarce. Updated bungalows, upgraded track homes and elegantly modernized craftsman homes are quickly gaining traction as the next best option for eager buyers.
If you’re selling your home, capitalize on the moving real estate market with renovations and additional square footage. Your home will appeal to those interested in new home alternatives, but any upgrade is also likely to increase your asking price – a plus that has many sellers upgrading their homes before listing it.
When it comes to choosing the right renovations, here’s what you need to know.
Both interior and exterior paint can make a huge difference when it comes to the aesthetics of your home. But curb appeal is especially important when it comes to a buyer’s first impression. Dazzle up the exterior of your home with fresh, modern paint in tones of taupe, white, mocha, light grey or terracotta tones that look just as fresh as the new homes.
When the exterior of your home is dressed up with a beautifully manicured yard, trimmed hedges and gorgeous floral accents, it can do wonders for the aesthetic appeal of your home. That can translate to a quick sale for top dollar, which makes landscaping a worth-while renovation. Don’t overdo it with your landscaping, though – a new buyer may be detracted with a high-maintenance yard, so keep your landscaping plans beautiful, full and yet brilliantly simple.
Nothing can detract a buyer quite like a bad addition. Make sure that if you add more square footage to your home, you do so with a qualified, experienced professional. Sunrooms, playrooms or even a modern loft is an excellent way to increase the value of your home with additional square footage, and it’s a beautiful and modern update akin to the model homes. The cost to add on is usually around $200 per square foot, and if the marginal sales cost per square foot is over $500, that would generate a profit of $300 per square foot making this renovation a worthwhile investment.
Some of the most distinctively beautiful homes on the market today are those with finishing touches like shutters, planters, new home gutters and a sturdy new roof. These renovations are also worth doing because it adds a wonderful layer of aesthetic appeal to your home, increasing buyer traffic and leading ultimately to a quick and successful sale at the best price possible.
To find out more information on renovating your San Diego home, or to schedule a consultation with Murfey Construction, don’t hesitate to call us at 858-405-0186 or log onto http://www.murfeyconstruction.com/.
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