Homeowners should consider upgrading their houses to raise its value instead of selling it and moving to a smaller house. These may range from expanding rooms to refinishing hardwood floors. In Utah, a refurbished house may allow you to sell it for a higher price.
Supply and Demand
Previously-owned home sales nationwide dropped in December 2017, according to the National Association of Realtors (NAR). The decline stemmed from a tight supply, higher prices, and many other significant reasons. While the country’s real estate sector seemed like a seller’s market for that month, homeowners who wanted to move into a smaller house likely found it more difficult to find a good property for sale.
The NAR also noted that buyers deferred a purchase due to the federal government’s tax reforms. These changes have limited deductions for mortgage interest and real estate taxes. Therefore, it may be safe to assume that fewer people decided not to put their house on the market.
Advantages of Home Upgrades
While you wait for supply in Utah to increase, a home upgrade benefits you by further increasing the value of your property. Many cities in Utah County have recorded price growth between 2012 and 2016, according to data from the U.S. Census Bureau.
Home prices in Highland cost the most with a median value of $461,500, followed by Alpine and Vineyard where prices amounted to $454,000 and $395,500, respectively. The median price for properties in Woodland Hills amounted to $386,000, while the median value in Mapleton amounted to $349,200.
Your plan to downsize and move into a new home requires patience and perfect timing, so choosing to upgrade while waiting seems more worthwhile at the moment. You may even be surprised that you no longer want to move out once you see the results of your newly remodeled house.