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Amy Zimmerman

Sales Associate

My Blog

November 2017 Northern Kentucky Market Update

1/3/2018

October 2017 Northern Kentucky Market Update

12/3/2017

September 2017 Northern Kentucky Market Update

10/27/2017

Empty Nesters: Best to Remodel or Time to Sell?

8/31/2017
Empty Nesters: Best to Remodel or Time to Sell? | Simplifying The Market

Empty Nesters: Best to Remodel or Time to Sell?

Your children have finally moved out and you and your spouse now live alone in a four-bedroom colonial (or a similar type of house). You have two choices to make:

  1. Remodel your house to fit your current lifestyle and needs
  2. Sell your house and purchase the perfect home

Based on the record of dollars spent on remodeling and renovations, it appears that many homeowners are deciding on number one. But, is that the best long-term solution?

If you currently live in a 3-4-bedroom home, you probably bought it at a time when your children were the major consideration in determining family housing needs. Along with a large home, you more than likely also considered school district, the size of the property and the makeup of other families living in the neighborhood (example: you wanted a block with other kids your children could play with and a backyard large enough to accommodate that).

Remodeling your home to meet your current needs might mean combining two bedrooms to make one beautiful master suite and changing another bedroom into the massive walk-in closet you always wanted. However, if you live in a neighborhood that historically attracts young families, you may be dramatically undermining the value of your house by cutting down the number of bedrooms and making it less desirable to the typical family moving onto your block.

And, according to a recent study, you will recoup only 64.4% of a remodeling project’s investment dollars if you sell in the future.

Your home is probably at its highest value as it stands right now. Instead of remodeling your house, it may make better financial sense to sell your current home and purchase a home that was built specifically to meet your current lifestyle and desires.

In many cases, this well-designed home will give you exactly what you want in less square footage (read less real estate taxes!) than your current home.

Bottom Line

If you are living in a house that no longer fits your needs, at least consider checking out other homes in your area that would meet your lifestyle needs before taking on the cost and hassle of remodeling your current house.

July 2017 Northern Kentucky Market Update

8/21/2017

June 2017 Northern Kentucky Market Update

7/25/2017

May 2017 Northern Kentucky Market Update

6/28/2017

April 2017 Northern Kentucky Real Estate Market Update

5/31/2017

April 2017 Northern Kentucky Real Estate Market Update

5/31/2017

 

 

April 2017

Northern Kentucky Real Estate Market Update*

National Update……

March launched the home-buying season with post-recession records for increasing home sales and prices and decreasing inventory, according to this month’s RE/MAX National Housing Report that surveys 53 metro areas. 
Last month, home sales were 6.6% higher than the nine-year-old report’s previous March record, set in 2016. Thirty-eight of the 53 metro areas in the report showed year-over-year increases.
Meanwhile, Months Supply of Inventory dropped below three months for the first time in the history of the report, indicating a market that greatly favors sellers, as six months is considered a balanced market.
 Active inventory continued to decline, dropping 17% year-over-year. As a result, the Median Sales Price of $225,000—also a March record—was up 11% year-over-year. This was the 12th consecutive month of year-over-year price increases.  Homes continued selling faster last month, with the average Days on Market dropping to 64, compared to 68 in February 2017 and 71 in March 2016. 
 

Local Update (all Northern Kentucky)

  • Listings (homes on the market/inventory) decreased 14% when compared to a year ago.
  • Pending Sales in April increased 1% compared to last year.
  • Closed Sales were down 13% versus a year ago.
  • The average list price was $272,000, up 2% from a year ago.
  • The average sale price was $177,000, up 4% from a year ago.
  • The average days on the market were 54 days.
  • The average List Price vs. Sale price was 97%.

 

Boone County

  • Listings (homes on the market/inventory) were down 22% when compared to a year ago.
  • Pending Sales in April decreased 6% compared to a year ago.
  • Closed Sales were down 23% when compared to a year ago.
  • The average list price was $322,000, up 7% from a year ago.
  • The average sales price was $194,000, down 1% from a year ago.
  • The average days on the market were 50 days.
  • The average List Price vs. Sale price was 98%.

 

Campbell County

  • Listings (homes on the market/inventory) decreased 10% when compared to a year ago.
  • Pending Sales in April increased 5% compared to a year ago.
  • Closed Sales were down 17% when compared to a year ago.
  • The average list price was $267,000, down 10% from a year ago.
  • The average sales price was $185,000, up 7% from a year ago.
  • The average days on the market were 50 days.
  • The average List Price vs. Sale price was 96%.

 

Kenton County

  • Listings (homes on the market/inventory) decreased 14% when compared to a year ago.
  • Pending Sales in April, were 2% higher than a year ago.
  • Closed Sales were up .5% versus a year ago.
  • The average list price was $264,000, up 5% from a year ago.
  • The average sales price was $170,000, up 8% from a year ago.
  • The average days on the market were 51 days.
  • The average List Price vs. Sale price was 97%.

The data in this report covers a very large area, broad price ranges, and types of housing.  Do you have a specific question regarding the value of your home or sales in your immediate neighborhood???   ……………      contact me today!  I specialize in helping homeowners accurately determine the value of their most valuable asset.  Sometimes they are pleasantly surprised and other times they are not.  Regardless of the value, you will always receive an HONEST assessment with the data to back it up.

*the data used to compile this information is based on all Northern Kentucky MLS residential (condos and single family home) listings and sales in all price ranges in Northern Kentucky as of 4/30/16. 

February 2017 Housing Market Update

3/23/2017

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