What property upgrades will end up paying for themselves or will even increase the value of your Redondo Beach home? The math is not as simple as it seems after watching some of the home improvement tv shows. Just adding the cost of installing new hardwood floors, windows, roof or an addition will not equal a new value of your home.
Upgrades and move in ready condition of the house add the desirability but might not increase its dollar value. You will receive an offer much quicker than another similar home without the upgrades.
The reality in our current market conditions is the Redondo Beach and other Beach Cities market is demanding a higher price as we see multiple offers and escalations. This is coming to play because of the law of supply and demand. Lack of inventory, very low interest rates lead to increased number of motivated and frustrated buyers.
The appraisers will appraise the value of the house based on the past sales not current listings.
The importance of understanding the appraisal process and listing your home at the right price. You don’t want to list your home too high and start chasing the market. If your listing price is not supported by past sales, your property will not appraise and the buyer will want to renegotiate the price.