Repair. Improve. Upgrade.
Have you noticed? Construction crews seem to be everywhere lately. With real estate values up and the economy performing relatively well, many homeowners are looking to spruce up their homes, rather than selling and buying another home. Steven Thomas, a California Real Estate Broker who follows Orange County real estate trends, states that the average selling turnover rate for an Orange County home is 23 years!! He attributes this to a variety of factors including low ownership rate among millennials and a lack of new construction due to limited vacant land.
Also, many homeowners choose to make home improvements rather than deal with the sale of their current home and finding another to their liking. However minor, many updates can still hurt the pocketbook. Don’t have the cash to pay for them? With rates still at extremely low levels, you may elect to take a little equity out of your home via a cash out refinance and reinvest the extra proceeds into improvements to your home. Not only will you get to enjoy such improvements, but will typically see the value of your property increase as well.