Real estate experts point out that today's home values continue to rise due to limited availability of  properties for sale.  As the market appears to be bouncing back from the initial COVID-19 related consumer panic, the ongoing pandemic continues to impact schools, jobs, childcare and cost of living expenses. All of this will directly influence housing market trends. The demand for upgraded homes has caused a lower-than-average inventory supply of available homes for sale.

Things to Consider Before Moving or Renovating

The decision to move or renovate is a large one that shouldn't be made before researching and processing the alternatives. There are crucial factors to consider before deciding to make a move to another house or begin renovations on your present abode. Here's a starting point for making that decision along with some of the pros and cons:

Indicators that a move may be best:

  • Family outgrew current home
  • Neighborhood in decline
  • Nearby schools deteriorating
  • Kids moved out or aging parents are moving in
  • Can't afford current home property taxes
  • Want to move closer to job or school
  • Failing health & difficulties in keeping up on household tasks
  • Want to move closer to family
  • Need a change in neighborhood and living environment
  • Desire upgrades in kitchen, bath etc.
  • Change in job status & finances

Indicators that a renovation may be best:

  • Can't afford moving & selling costs
  • Tight budget
  • Love your current neighborhood
  • May not get all of your dream home wishes
  • Moving might require higher mortgage payments and property taxes
  • Can't find a good neighborhood
  • Want to keep kids in same school district

Renovating Pros:

  • Usually less costly than buying a new home
  • Can get exactly what is wanted with renovation details
  • Might be able to use your home equity to initiate the renovation
  • Can stay in the neighborhood that you love
  • No realty sales fees & moving costs

Renovating Cons:

  • Must put up with construction
  • Money spent on a remodel might not be recouped later
  • There could be hidden expenses

Moving Pros:

  • Can get a fresh start somewhere else
  • Avoids living with construction and contractors underfoot
  • Saves money
  • Able to move faster without hassles
  • May have the amenities and features desired

Moving Cons:

  • May not find everything wanted
  • More expensive
  • Difficult changes
  • Home sale may be lower

Understanding housing market fluctuations in your area and knowing your homes's value will help you make an informed decision on whether it's best to move or renovate. Either way, you're in for an upgrade. Don't forget to check the up to date value of your home here now.