Home prices in Massachusetts have been on an upswing as of October 2017, which is why you should consider doing upgrades if you plan to sell your property.
A home improvement project will likely increase the value of your asset. According to the Warren Group, the median price for single-family properties increased in October for the 19th month in a row.
Lifting Home Values
Buyers spent $360,000 to buy a median-priced home in the state in October, which was 5.8% higher than the same time last year. Warren Group said that it also represented a 5.2% increase compared to September. The company’s CEO, Tim Warren, believes that the year will close on a positive note for the real estate market. Even as prices increase, buyers still decide to buy properties due to an improving economy and low-interest rates for mortgages.
If you aim to sell your home for a price higher than the median rate, one way to do so involves spending on home upgrades in Massachusetts. An awning company like Dorchester Awning Co, for instance, may help you improve the appearance of your home’s façade. Many buyers are likely to go inside your house to take a look if you catch their attention from the outside view.
Demand serves as one reason for the higher prices, as sales posted the highest volume in October over the last 13 years. Increasing prices and sales are good for sellers, yet cash-strapped buyers find it hard to choose properties amid the soaring rates. In Boston, the city aims to solve this issue by granting more housing permits.
However, it remains to be seen whether or not the approvals for new home construction will drive down prices for properties.
It makes sense to improve the appearance of your home before a sale, as it will be hard if not impossible to sell a home that appears undesirable and unkempt.