In a lengthy new Delaware Online report on the First State real estate market, experts agreed that the state’s housing market is finally in a stable place. Even so, many homeowners are still recovering from the economic shock of the housing bubble and the Great Recession that followed.
Even eight years later, the housing market will never be the same. But that’s a good thing, as the new home starts and always-rising real estate prices helped create the housing bubble in the first place.
“Home prices doubled in Delaware between 2000 and 2006. That was similar to what happened at the national level. In Sussex they actually tripled — the bubble was even greater,” Michael Dolega, an economist for TD Bank, toldDelaware Online. Not only that but builders were putting up 10,000 or more new homes every year. “That pace of construction isn’t sustainable.”
That’s why “stability” is the new buzz word in the real estate market, both nationally and here in Delaware, where slow but steady growth is the new reality.
Locally, an influx of newcomers and second-home buyers is driving the growth in home sales. And all over Delaware, homeowners are deciding that now is the right time to sell.
How To Improve the Value of Your Home in Delaware?
Because homeowners can no longer count on home prices rising indefinitely, that’s left Delaware residents looking for other ways to boost the sale price of their homes. For most people that means taking on home improvement projects likely to offer a high ROI, or even a full home remodel.
So what kind of home improvement projects are most popular?
- Kitchen remodeling has always been one of the most popular home improvement projects, and one of the best ways to boost the value of your home. Modern appliances, cabinets, countertops and fixtures are common upgrades.
- Bathroom remodeling is another popular home remodeling project, as bathrooms tend to show their age more than other areas of the house. Even simple renovations to an old, worn out bathroom can make a major difference.
- Basement Remodeling has the added benefit of opening up an entirely new section of your home. Finishing or remodeling a basement lets people add an entirely new bedroom or bonus room, an in-demand feature for home buyers with kids.
- Finally, while people selling a home often decide to repaint the walls on their own, floor repair requires professional assistance. Ugly stained carpets can turn off home buyers while scratched hardwood flooring might require refinishing to attract a buyer.
While none of these projects are 100% guaranteed to offer a total return on investment, they may be necessary upgrades to attract a buyer in the first place. And with Delaware’s housing market finally on the rebound, you won’t be the only one in the neighborhood calling home improvement contractors this year.