If you’re looking to resell your home in North Texas, you’ll find it easier in the coming months, as sales in the region rose 12 percent in January. Data from The Real Estate Center at Texas A&M and the North Texas Real Estate Information Systems reveals over 6,200 existing home sales for the month. The median sales price amounted to $235,000.
But how do you make the most of this opportunity? Improve the value of your home.
Get the Best Return on a Renovation
One way to increase the value of your house is to renovate it, especially if your property isn’t as new as most houses in your neighborhood. Some of the best spaces to remodel include your kitchen, bathroom, and your basement (if you have one). You can also consider upgrading your insulation because it lowers the cost of owning your home, and it will yield a return of 108 percent.
Another area to improve is your outdoor space. If you have a pool, an upgrade can entice potential buyers who have this specific requirement for their lifestyle. Goldmedalpools.com shares that a renovation can transform an outdated or lackluster pool into the superstar of the outdoor living space.
With the right renovations, your home can fetch a good price on the Texas property market.
Supply and Demand
Finding a buyer after you remodel your home will not be that difficult in this market. Metrostudy Inc. housing analyst Paige Shipp expects 2018 to be another good year for housing resales, following a record number of transactions in the previous year. North Texas real estate agents sold more than 106,000 existing houses in 2017, up 5 percent year over year.
The Dallas-Forth Worth market recorded the highest home price growth in Texas between October and December 2017. According to the National Association of Realtors (NAR), median sales prices in the region surged 6.7 percent compared to the year-ago period.
NAR chief economist Lawrence Yun said that a lack of housing inventory might continue to support home price growth in most metro areas in the state. If there is an increase in the available supply, Yun said that prices might only grow moderately in the next several months.
The housing market’s strong start this year indicates that demand remains stable throughout North Texas. If you plan to put your home on the market, you should consider upgrading your house to sell it for the highest possible price.