Category: Sales

Buying New Construction? These Upgrades Will Deliver The Most Value

When you buy a new construction home, you can go with the baseline design, or you can invest in upgrades to customize your home.

But the question is—which upgrades are actually worth the investment?

A recent article from realtor.com outlined the most valuable builder upgrades buyers should consider for their new construction homes, including:

  • Energy-efficient upgrades. Energy-efficient upgrades (like Energy Star windows or a smart thermostat) offer significant savings on utility bills—so consider investing in the upgrade while your home is being built to save money in the long run.
  • Kitchen upgrades. Kitchen upgrades can be pricey. But if you love to cook, investing in those upgrades during construction (for example, upgraded appliances, a kitchen island, or a pantry) can significantly change how you experience the space—and add value and enjoyment to the space for years to come.
  • Bathroom upgrades. Renovating a bathroom can be a long, disruptive, and expensive process—so if you’re buying a new construction house, make sure to install the bathroom upgrades (like upgraded flooring, tile, or bathtub) from the get-go.
by megpachas

Homeowners Should Have Some “Fear of Missing Out” on This Market

If you’ve been thinking about selling and hesitating or simply waiting, you may want to start thinking about how you’ll feel if you miss out on the best time to sell your house in a long time. You never know when (or if) conditions will be like this in the real estate market again.

It’s been a sellers’ market for quite some time now, and with rates going up significantly and home prices still historically high, there’s a lot of chatter about whether or not there’s a real estate “bubble” that’s about to pop. In particular, The Federal Reserve Bank of Dallas recently warned about the potential of a housing bubble and how buyers’ “fear of missing out” (FOMO) is making it worse.

On the other hand, a recent survey revealed that home buyers are still hopeful and feel that it will still be a good time to buy a home in the next three months.

That’s despite the fact that even though there have been signs and reports about the market slowing, according to this Realtor Magazine article, as of March sellers have still been:

  • Receiving an average of 5 offers on their home
  • Selling for above list price over 57% of the time
  • And 87% of listing sold in less than a month

Much of that may very well be fueled by buyers’ FOMO, but it can’t and won’t last forever. That’s how the real estate market works—it goes up, then it goes down, and then back up again in cycles. So even if you “miss out” on this moment in history, there will certainly be a time when home values are this high, or even higher.

But will there be such a combination of high values, low inventory, historically low rates, and high demand? And when will it happen? How will you feel if you “miss out” now?

Those are questions you need to ask yourself if you’ve been toying with the idea of selling your house.

The Takeaway:

Don’t be fueled by fear of missing out, but definitely think about how it would affect you if you did, because the market’s still in your favor…for now at least. If you’re going to sell in the next few years, now is as good a time as any to take advantage of the fact that buyers are still hopeful, offers are plentiful and over asking price, and homes are selling quickly.

by megpachas

72 Fairfax St, Warrenton, VA

    Spacious four level townhome minutes from Old Town Warrenton. Three bedrooms with bonus room that can be used as a fourth bedroom or home office. Partially finished basement offers storage and bar for entertaining.
     
    Updated kitchen with granite counters, white cabinets and wood burning fireplace.
     Two balconies overlook backyard space, perfect for a morning coffee or relaxing space. 
     
    Current owners have loved this home and location. Easy access to restaurants and entertainment, plenty of wineries and weekend activities in Warrenton to enjoy year round. Close to Rt 211 and commuter routes
     
    Offered for $350,000
     
    Listed by Meghan Pachas
    Agent related to Sellers 
     
     
    by megpachas

    2013 Ridgeway Rd, Front Royal, VA

    You do not want to miss this one, located on wooded 6 acre lot, this home offers a country feeling while not far from town. Three bedrooms located on main level, hardwood flooring throughout, kitchen renovated in 2019 and basement finished just this week! Enjoy mountain views from the spacious Trex deck. Minutes to hiking paths and easy access to Skyline Drive.

     

    Offered for $400,000

    Listed by Meghan Pachas 
    by megpachas