The Twin Cities area is experiencing the same housing boom as much of the country. With the median sales price up nearly 15% and the six-month median increase of almost $50,000, it’s impossible not to notice the chance. Add to this the lack of houses for sale, and it’s no surprise the spotlight is on the ferocious buyer bidding wars and windfalls of sellers now flush with cash.<\/p>\n
Although the attention to sales price makes sense, it leaves behind a big question: what if you’re not looking to sell your home? If you’re planning to stay where you are, you can use the housing market gains to increase your renovation options.<\/p>\n
Many renovation conversations are focusing on the quick fixes for fast sales at the highest prices. But if you are planning on staying put, what does this housing explosion mean for you? Do you have to move to get the kitchen or bath of your dreams in a market where buyers purchase homes sight-unseen, with houses lasting fewer than seven days on the market? Absolutely not.<\/p>\n
The housing market gains have likely boosted your home’s value, even if you’ve never listed it. As the surrounding prices continue to rise, they bring your house up with them. This jump in your home’s equity may make a significant kitchen or bath remodel an intelligent investment. You will maximize your enjoyment of the space you’ve always wanted, and the residual value of a professional renovation will last for years.<\/p>\n
If you are staying in your current home, now would be a great time to reinvest in your space. Then, instead of paying a premium for someone else’s quick fix-up, you may have more renovation options and get what you’ve always dreamed of.<\/p>\n