Top 5 Home Improvement Projects Based on Cost and Return on Investment

HomeGain.com, one of the first websites to offer Web-based free instant home values, announced that it has released the results of its nationwide home improvement and home staging Home Sale Maximizer survey. HomeGain’s recent survey shows the top do-it-yourself home improvements that Realtors recommend to home sellers.

HomeGain received responses from nearly 1,000 Realtors nationwide and configured a list of the top 12 do-it-yourself (DIY) home improvements that cost under $5,000 and benefit sellers most when they sell their homes.

According to the HomeGain survey, the top five home improvements that Realtors recommend to home sellers based on cost and return on investment (from highest to lowest ROI) are:

1. Cleaning and de-cluttering ($200 cost / $1,700 price increase / 872% ROI)
2. Home staging ($300 cost / $1,780 price increase / 586% ROI)
3. Lightening and brightening ($230 cost / $1,300 price increase / 572% ROI)
4. Landscaping ($320 cost / $1,500 price increase / 473% ROI)
5. Repairing plumbing ($385 cost / $1,250 price increase / 327% ROI)

Cleaning and de-cluttering continues to rank as the top suggested home improvement (since the survey was originally conducted in 2000), recommended by 98% of Realtors, costing less than $200 and returning a value of nearly $1,700 to the home’s sale price, or an 872% return on investment.

“Many Realtors agree, especially in a buyer’s market, that sellers who make these recommended home improvements often get their homes sold faster and at higher prices,” stated Louis Cammarosano, General Manager at HomeGain. “We have customized our Home Sale Maximizer online home improvement tool to help identify and prioritize the projects that can increase the salability and selling price of a home.”

Rounding out the top 12, the list of low cost, do-it-yourself home improvements includes: updating electrical, replacing or shampooing carpets, painting interior walls, repairing damaged floors, updating kitchen, painting outside of home, and updating bathroom/s.

The home improvement projects with the highest price increases to a home’s resale value are updating the kitchen ($1,200 cost / $2,850 price increase), followed by painting the outside of the home ($900 cost / $1,815 price increase) and home staging ($300 cost / $1,780 price increase).

“Inexpensive cosmetic home improvements and basic improvements greatly enhance the value of the home,” stated Carol Wilson of Carpenter Real Estate in Indianapolis, IN, HomeGain AgentEvaluator member since 1999.

For more information, visit www.homegain.com.

North Vancouver Open Houses Oct 17 – 18, 2009

Following are the open houses in North Vancouver as advertised in the North Shore News. The open houses are sorted by area to make it easier to find the home in the price range you are looking for. Please consult your Realtor to check open house times and prices.

NORTH VANCOUVER – NEW LISTINGS no opens 21. Grouse Woods 5633 Covey Pl, Sun 2-4, $1,129,000 22. Canyon Heights 1024 Prospect Ave, Sun 2-4, $1,995,000 969 Belvista Cr, Sun 2-3:30, $1,049,000 4025 Sunset Blvd, Sun 2-4, $939,000 23. Forest Hills 793 Tudor Ave, Sun 2-4, $1,148,000 968 Hampshire Rd, Sun 2-4, $1,699,000 895 Forest Hills Dr, Sat 2-3:30, $1,049,000 24. Capilano Highlands #103-3750 Edgemont Blvd, Sun 3-4, $639,900 #307-3151 Woodbine Dr, Sat/Sun 2-4, $634,900 3735 Riviere Pl, Sat/Sun 2-4, $888,000 1307 Mount Crown, Sat/Sun 2-4, $1,599,000 25. Capilano 2556 Lloyd Ave, Sat 2-4, $679,000 2873 Capilano Rd, Sun 2-4, $599,000 #205-3125 Capilano Rd, Sat 1-3, $575,000 2927 Capilano Rd, Sun 2-4, $499,000 26. Pemberton Heights/Pemberton 2038 Flynn Pl, Sun 2-4, $899,000 #1807-2024 Fullerton Ave, Sun 12-2, $359,000 #302-1085 W. 17th St, Sat 2-4, $369,000 2408 George St, Sun 3-5, $949,000 #102-1085 W. 17th St, Sat 2:30-4:30, $349,900 27. Norgate 1226 Dogwood Cr, Sun 2-4, $819,000 28. Hamilton #102-827 W. 16th St, Sun 12-4, $295,000 #217-1633 MacKay Ave, Sun 2-4, $447,000 #22-728 W. 14th St, Sat/Sun 3-5, $570,000 #43-889 Tobruck Ave, Sun 2-4, $579,800 #210-809 W. 16th St, Sat 2-4, $314,000 822 W. 20th St, Sun 2-4, $729,000 #75-728 W. 14th St, Sat 2-4, $549,000 650 W. 15th St, Sun 2-4, $759,000 29. Delbrook 4676 Prospect Rd, Sun 2-4, $1,194,500 4347 Glencanyon, Sun 2-4, $1,299,00 4420 Glencanyon Dr, Sun 3-4, $799,900 479 Saville Cr, Sat/Sun 2-5, $1,098,000 4347 Glencanyon, Sun 2-4, $1,299,000 4287 Madeley Rd, Sun 2-4 30. Upper Lonsdale 330 E 25th St, Sun 1-3, $1,288,000 125 E. Queens Rd, Sat 2-4, $1,047,000 177 W Braemar Rd, Sat 2-4, $1,599,000 439 W. 26th St, Sun 1:30-2:30, $719,000 3873 Michener, Sun 2-4, $1,488,000 2525 Jones Ave, Sat/Sun 2-4, $1,399,000 330 E. 26th St, Sun 2-4, $774,000 4260 Prospect Rd, Sun 2-4 221 W. Osborne Rd, Sun 2-4, $1,599,000 775 E. 29th St, Sun 2-4, $825,000 31. Central Lonsdale #1102-120 W. 16th St, Sun 1-2:30, $559,900 #504-160 E. 13th St, Sat/Sun 3:30-5, $369,000 2310 Mahon Ave, Sun 2:30-4:30, $932,500 #805-1515 Eastern Ave, Sat/Sun 2-4, $455,000 #31-135 W. 21st St, Sun 12:15-2:15, $242,000 449 E. 15th St, Sat 2-4, $779,000 #211-150 W. 22nd St, Sat/Sun 2-4, $369,000 538 W. 23rd St, Sun 2-4, $779,000 339 E. 8th St, Sat 2:30-4, $885,000 #213-175 E. 10th St, Sat 1-3/Sun 2-4, $449,000 #1206-1515 Eastern Ave, Sat 2-4 329 E. 16th St, Sun 3-4:15, $879,000 #801-114 W. Keith Rd, Sun 2-4, $509,000 2028 Mahon Ave, Sat/Sun 2-4, $1,150,000 #206-120 W. 17th St, Sun 2-4, $279,000

32. Lower Lonsdale E-136 W. 4th St, Sun 2-4, $569,000 #712-175 W. 2nd St, Sun 2-4, $649,800 #15-288 St. David’s Ave, Sat/Sun 2-4, $429,900 #301-241 St. Andrews Ave, Sat 2-4, $249,900 #201-131 W. 4th St, Sun 2-4, $319,900 145 St. Georges Ave, Sat 12:15-2:15/Sun 2:3-4:30, $323,900 #303-330 E. 1st St, Sun 2-4, $325,000 225 E. 5th St, Sun 2-4, $639,900 The Landing, 103 E. Esplanade, Daily 12-5 #10-249 E. 4th St, Sat/Sun 2-4, $549,000 #1503-120 W. 2nd St, Sun 2:30-4, $669,000 33. Lynn Valley 1268 Dyck Rd, Sat 2-4, $1,499,000 1521 Draycott Rd, Sat 3-5, $998,000 1347 Chamberlain Dr, Sat/Sun 1-3, $749,000 1494 Frederick Rd, Sat 2-4, $769,000 Vicinity, 3025 Baird Rd, Sat/Sun 1-4, From $639,900 3976 Mountain Hwy, Sat/Sun 2-4, $697,300 1611 Page Rd, Sat 2-3:30, $849,000 1881 Ross Rd, Sun 2-4, $799,000 3976 Mountain Hwy, Sat/Sun 2-4, $697,300 1625 Peters Rd, Sun 2-4, $799,000 999 Frederick Rd, Sat 2-4, $869,000 34. Grand Blvd. 1544 Sutherland Ave, Sat/Sun 1-3, $747,000 772 E. Keith Rd, Sun 2-3:30, $699,000 523 E. 10th St, Sun 2-4, $859,500 740 E. 14th St, Sun 2-4, $1,399,000 740 + 746 E. 14th St, Sun 2-4, $1,399,000 523 E. 10th St, Sun 2-4, $859,500 1836 Grand Blvd, Sat 3:30-5, $799,000 2141 Grand Blvd, Sun 2-4, $995,000 524 E. 21st St, Sat 2-4, $998,000 35. Queensbury/Calverhall 440 Moody Ave, Sun 2-4, $998,000 845 E. 4th St, Sun 2-4, $829,000 1060 Adderley St, Sun 2-4, $1,495,000 36. Westlynn 1004 Mountain Hwy, Sat/Sun 3-5, $1,388,000 2620 Viewlynn Dr, Sat 1:30-3, $899,000 1680 Mountain Hwy, Sun 2-4, $969,000 1296 Mountain Hwy, Sun 2-4, $779,000 37. Lynnmour #909-1327 E. Keith Rd, Sun 2-4, $259,000 1301 E. 8th, Sat 1-3, $1,099,000 1205 Lillooet Rd, Sun 2-4, $369,000 1516 Rupert St, Sun 2-4, $569,000 #47-854 Premier St, Sat 1-2:30, $274,900 #302-1327 E. Keith Rd, Sun 2-4, $399,000 #907-1327 E. Keith Rd, Sat/Sun 1-3, $298,800 38. Seymour River 968 Riverside, Sun 2-4, $769,000 1163 Heritage Blvd, Thurs 10-12, $749,000 39. Blueridge 2474 Berton Pl, Sat 2-4, $1,320,000 2715 Standish Dr, Sun 2-4, $849,000 40. Windsor Park no opens 41. Northlands #305-1144 Strathaven Dr, Sun 2-4, $595,000 1734 Larkhall Cr, Sat/Sun 3-5, $1,279,000 2918 Mt Seymour Pkwy, Sat/Sun 2-4, $598,000 42. Indian River no opens 43. Deep Cove 3204 Strathaven Ln, Sat/Sun 2-4 1964 Cliffwood Rd, Sat 11:30-1, $729,000 1053 Deep Cove Rd, Sat/Sun 2-4, $796,000 563 N. Dollarton, Sun 2-4, $829,000 1907 Parkside Lane, Sat 2-3:30, $828,800 4346 Mount Seymour Blvd, Sun 2-4, $1,025,000 44. Roche Point #114-3629 Deercrest Dr, Sat 12-2, $609,000 #403-3608 Deercrest Dr, Sun 1-2:30, $325,000 #510-530 Ravenwoods Dr, Sun 2:30-4, $549,900 #103-995 Roche Pt Dr, Sun 2-4, $429,000 #32-650 Roche Pt. Dr, Sun 2-4, $521,000 Signature Estates, Ravenwoods, Wed/Sat/Sun 12-5 #106-630 Roche Point, Sat/Sun 2-4, $249,000 #308-530 Ravenwoods, Sun 2-4:30, $549,000 45. Dollarton 920 Huntingdon Cres, Sat/Sun 2-4, $799,000 4001 Cummins Pl, Sun 3-4:30, $1,200,000 4125 Fairway Pl, Sun 2-4, $929,000 543 Roslyn Blvd, Sun 12-2, $2,338,800 99. Other Areas 6587 Nelson Ave, Sun 2-4, $849,000 1370 Judd Rd, Squamish, Sat 1-4, $489,000 1678 Depot Rd, Squamish, Sat 1-3, $549,000 #20-40137 Government Rd, Squamish, Sun 1-4, $485,000 The Artisan, Squamish, Fri/Sat 12-4, From $399,000 #2-730 Farrow St, Coquitlam, Sun 2-4, $465,000 #3008-688 Abbott St, Sun 2:30-4:30, $679,000 #1601-1833 Crowe St, Sat/Sun 2-4, $1,835,000 #1607-1833 Crowe St, Sat/Sun 2-4, $689,000 #709-1833 Crowe St, Sat/Sun 2-4, $559,000 Cascade, 2950 Panorama Dr, Coq, Daily 12-5, From $380,000 Millenium Water, 212 W. 1st St, Van, Daily 12-5 (except Fri) Thunderbird Cr, 1006 Condor Pl, Squamish, Sat/Sun 1-4 4239 Eton St, Burnaby, Sun 2-4, $668,000 #818-788 Richards St, Sat 2-4, $649,000

Study Finds 20% of Mortgages Underwater

According to Reuters News nearly 20 percent of home owners owe more on their homes than their properties are worth, finds a new study by First American CoreLogic.

About 8.31 million properties were underwater at the end of 2008, up 9 percent from 7.63 million at the end of September.

Corelogic predicts about 2.16 million properties will be underwater if home prices fall another 5 percent.

The problem is the worst in Arizona, California, Florida, Georgia, Michigan, Nevada, and Ohio.

Nationwide, 68 percent of U.S. adults own their own homes, and about two-thirds have mortgages.

Top 5 Preferences for Kitchen, Bathroom, and More

According to the National Association of Home Builders’ Consumer Preferences survey, these are the features most in demand among today’s buyers.

Top 5 Kitchen Features

1. Walk in pantry: 86 percent
2. Island work area: 80 percent
3. Special use storage (custom made for appliances): 66 percent
4. Built-in microwave: 72 percent
5. Drinking water filtration: 69 percent

Top 5 Bathroom Features

1. Linen closet: 89 percent
2. Exhaust fan: 88 percent
3. Separate shower enclosure: 79 percent
4. Water temperature control: 79 percent
5. Whirlpool tub: 66 percent

Top 5 Specialty Areas

1. Laundry room: 92 percent
2. Dining room: 81 percent
3. Home office: 71 percent
4. Den/library: 63 percent
5. Sun room: 53 percent

Top 5 Decorative Features

1. Ceiling fan: 83 percent
2. Built-in shelving: 70 percent
3. Window seats: 51 percent
4. Woodburning fireplace: 48 percent
5. Gas fireplace: 48 percent

Top 5 Community Features Preferred

1. Walking/jogging trails: 49 percent
2. Park area: 46 percent
3. Outdoor swimming pool: 39 percent
4. Lake: 34 percent
5. Playgrounds: 32 percent

Provincial real estate sales down by one-third in 2008

The British Columbia Real Estate Association reported today that the decline in real estate markets didn’t just affect the Lower Mainland phenomenon in 2008 as the province as a whole saw sales drop by one-third .

Realtors recorded 68,923 sales across B.C. through the Multiple Listing Service, their lowest level since 2000, the BCREA said, when the province recorded 54,179 sales.

The average home price over the 12 months of 2008 was $454,599, a 3.5-per-cent increase from 2007.

BCREA chief economist Cameron Muir said the average price peaked in March at $483,291, and fell 11 per cent to $429,210 in December. And that $429,210 average is six per cent lower than the average price in December, 2007.

Nine Real Estate Trends in 2009

According to an article published by RISMedia, there are nine real estate trends to watch this year. While specific to the Chicago market I think they are common to many cities in North America.

1. Less, With More. Single-family homebuilders are predicting the continued movement toward smaller homes, with many buyers opting for less square footage as a means of saving more, said Jim Chittaro, chief financial officer for Naperville-based J. Lawrence Homes. “Rather than paying more for square footage, they’re taking inventory of how much home they really need and deciding to go with a “quality over quantity” approach and adding features like a spa bath or gourmet kitchen that they’ll enjoy for years to come.”

2. The New American Dream. Homeownership has long been considered one of life’s benchmarks, so much so, that the concept earned the moniker, “The American Dream.” However, in today’s economic climate, realizing that dream is no longer an option for many people.

3. Urban Suburban. For years, a new-construction home in the suburbs meant moving into a cookie-cutter subdivision. But according to many suburban developers, their focus going forward won’t be simply building homes, but entire downtowns complete with residential, retail, restaurants and more.

4. Condo-MAX-iums. According to the National Association of Homebuilders, the average single-family home is 2,456 square feet. However, Chicagoland’s developers have noticed buyers – from young families to downsizers – are looking for the same amount of square feet when buying a condominium. “What we’re finding is that downsizers don’t really want to downsize at all. They’re accustomed to the design of a single-family home and don’t want to sacrifice space,” said Bob Horner, co-principal of Winthrop Properties. “Rather, they seek the maintenance-free lifestyle and single-level living offered by a condo.”

5. Online Toolboxes. According to the 2007 National Association of Realtors Profile of Home Buyers and Sellers, 84% of buyers use the Internet to search for a new home. Taking a cue from these findings, leading Chicagoland residential brokerage firms will be taking their services a step further by enhancing their sites with user-friendly Web tools that do much more than list homes for sale.

6. Common Ground. In the city, where green space is as high in demand as a parking space, some developers will start going the extra “yard” to give Chicagoans more outdoor community spaces.

7. The Sure Thing. With the real estate market in turmoil, buyers will be betting on the sure thing, said Ibrahim Shihadeh, co-principal of Winthrop Properties, developer of Printers Corner in the South Loop. “With our building complete and immediate move-ins available, sales momentum has been strong,” he said. “We’re one of the few buildings in the area ready for move-in. Until things smooth out a bit, buyers will continue to opt for developments that are complete or nearly complete rather than risk something that won’t come to fruition or won’t be as it was promised.”

8. The Resurgence of Rowhomes. Dating back to colonial Philadelphia and Boston, the rowhome is a hallmark of traditional city living. But at Port Clinton Place, a new-construction for-sale community in Vernon Hills developed by Opus North, and the Residences at the Grove, a 294-unit luxury rental community in Downers Grove, managed by RMK, even suburban residents will be enjoying the urban flavor of this classic housing style. “Rowhomes were born out of practicality, as their shared walls made it possible to fit more homes in densely-populated urban areas. But today, many suburban buyers are choosing these homes for their urban style and overall aesthetic appeal,” said Andrew Lockwood, real estate director for Opus North. “It’s a housing style that’s particularly appropriate at Port Clinton Place, which is part of a redevelopment plan to revitalize downtown Vernon Hills. Eventually this area will be a lively town center, much like the city neighborhoods where rowhomes first became popular.”

9. Creating Community. Many developers today are taking strides to form a sense of community among new residents before their homes are built – a trend that is expected to continue into 2009.

U.S. homes to lose over $2 trillion in value during 2008

According to analysis of recent Zillow Real Estate Market Reports, home values declined 8.4% year-over-year during the first three quarters of this year, compared to the same period in 2007.

U.S. home values lost $1.9 trillion from the first of the year through the end of the third quarter, and were likely to fall further in the fourth quarter, leaving approximately 11.7 million American households owing more on their mortgage than their homes are worth. One in seven of all homeowners (14.3%) were underwater by the end of the third quarter.

U.S. Court Ruling: Square Footage Must Be Accurate

I am not sure what the law is in Canada, but I thought this was an interesting article excerpted from Realtor Magazine Online.

A Texas appeals court has upheld the principle that size matters in a case in which the square footage of a home sold in the central part of the state wasn’t what was advertised.

The buyers, who sued and won against the real estate professionals who handled the sale, told the court that they bought the property largely because they thought they were paying a lower rate per square foot than other sellers in the area were asking.

The house turned out to be 253 square feet smaller than the practitioner put on the information sheet and on the multiple listing service posting.

A jury awarded the purchasers damages and held the real estate professionals liable for misrepresentation and fraud. The court of appeals in Austin upheld the decision, even though the couple had moved into the home 30 days prior to settlement and the information came from tax records filed with the local municipality.

The appeals court said the real estate professionals had a duty to get the information right and the buyers shouldn’t have to pull out a tape measure.

Economy Delays Home Buys for 27% of Homeowners

While this poll was conducted in the U.S. I am sure the results would be similar in Canada.

More than one-quarter (27%) of American homeowners say that the current economic environment is causing them to put their plans to buy a new or existing home on hold, according to a new Ipsos Public Affairs poll conducted on behalf of Realogy.

Among those who are most likely to say they are putting off a home purchse because of the financial crisis:

• Non-white homeowners (46%)
• Homeowners under age 35 (38%)
• Parents with children under 18 (33%)
• Those with a household income of less than $50,000 (33%)

Despite current hesitation to buy a new or existing home, nine in ten homeowners (91%) agree that owning a home is still the best long-term investment they can make with their money. Nearly three-quarters (72%) say that aside from shelter, they primarily see their current residence as a long-term investment.

BC 2008 Housing Forecast

The British Columbia Real Estate Association (BCREA) released its fall 2008 Housing Forecast today.

The BC Multiple Listing Service® (MLS®) residential sales are forecast to decline 28 per cent from 102,805 units in 2007 to 73,700 units this year. A modest 4 per cent increase to 76,500 units is forecast for 2009.

The average MLS® residential price is forecast to increase 3 per cent to $453,000 this year. However, home prices peaked in the first quarter and have been edging lower for several months. For 2009, the average price is forecast to decline 9 per cent to $413,000, with most of the decrease having already occurred by the end this year.

Downward pressure on home prices is expected to ease by the second quarter of 2009, as an increase in affordability and consumer confidence induces a modest growth in sales. The inventory of homes for sale is also expected to decline in the coming months as potential home sellers delay putting their homes on the market until conditions improve.