The changes of the past year, including extended time at home, have shaped how people want to live and what they desire from their home. There is increased demand for interior space to juggle multiple functions and for more space outdoors. Demand is also shifting to residential areas outside of the downtown and urban centers.
In 2021, interest rates are expected to remain low but increase gradually during the year. Demand for homes will remain high and home inventory will remain low, despite plenty of new construction, which means average home prices will likely continue to rise. This year is expected to be quite active in the housing market, particularly in neighborhoods like Tenleytown with single family homes with outdoor space and access to wonderful amenities. It is a great time to sell for anyone who has been considering doing so.
For others, extended time at home may have increased your interest in home renovations. Here are some tips to keep in mind before you start a project:
- Educate yourself on local permitting requirements.
- Hire licensed, bonded contractors for all of the work and have a written contract detailing the scope of work.
- Ask your contractor to provide copies of permits before work begins and ensure they are posted conspicuously on your property.
- As you plan your renovations, consider the potential return on investment for when you may sell your home in the future.
If you are wondering what improvements will pay off later on, Wendy Messenger at Compass is available to provide a complimentary consultation in the neighborhood. Contact her at wendy.messenger@compass.com
The Real Estate Corner is sponsored by Wendy Messenger – Compass.