Bad news for Orlando’s home sellers — a number of factors has caused the area’s home-sales market to cool off, which meanshome values aren’t going to increase much in the next 12 months.
For more than six years, record highs and lows have jolted the market. In the recent past, prices would rise by as much as two or three percent each month. Since that time, prices in the core of Orlando’s market have risen by 10 percent. However, in the middle of the busiest sales season of the year, the median home price last month crept up by just a fraction of a percent.
At the same time, the number of listings has sky rocketed. Back in June of 2013, there were about 7,600 houses listed in the core of Orlando’s market. According to the Orlando Regional Realtor Association, there were more than 11,500 listing in the same areas last month.
What this essentially means is that homeowners aren’t going to see their values increase as much throughout next year as they have in the past 12 months.
Thankfully, there are several ways home owners can still increase the value of their houses.
Remodels are one of the best ways to increase a property’s value. Replacing a house’s roof, siding, and windows can each increase a home’s value dramatically. If done properly, a roof replacement can provide a return on investment of up to 65%, while new siding can provide an ROI of 78% and new windows can provide a 69.1% ROI.
New additions can also improve the value of a home, as well. Adding an attic bedroom can provide a 72.5% ROI, while adding another bathroom can increase a home’s value by as much as 20 percent.
Despite the market cooling off, there’s still hope out there for home sellers. Even with more competitors, a hearty profit can still be made.
