It can be pretty challenging to understand the difference between a buyer’s and seller’s market. To put simply, a seller’s market entails that the homeowners who sell their home or want to sell their home—will have a lot more negotiating power than buyers. In contrast, a buyers market entails an oversupply of homes, so people who want to purchase a home in Dallas will have more negotiating power.
So, the demand for people buying houses or those looking to buy homes outweighs the supply of houses on the market. This leads to buyers having to compete with one another and subsequently increasing their bids, thus pushing house prices up faster than the average rate.
So, is Dallas a buyers or seller’s market? According to Norada Real Estate Investments, Dallas is a buyers market! In fact, Zillow Home Value Index predicts that the average home value in the DFW metro area has increased by 135% since 2012. The forecast for 2022 is similar,
Home Renovations for a Sellers Market
As of 2022, it’s safe to say that Texas is a seller’s market.
It’s important to emphasize that buyers may pay above and beyond for homes that have been newly renovated and read-to-move-in with little to no work required. Hence, the potential seller of a property will increase the value of their home beyond the cost of renovations, thus earning a return on investment.
According to data published by the cost Vs. Value report, remodeling projects can have a return on investment ranging from 47% to 90%.
With so much demand for a ‘complete’ home in Texas, often, you won’t over-capitalize on renovations—especially when it’s a seller’s market. But, before you go straight into home remodeling in Frisco, it’s essential to determine what renovations and repairs will genuinely boost the value of your home.
1) Replacing your Garage Door: A good garage door can improve your home’s curb appeal—cost vs.value reports that a garage door replacement can have an R.O.I of 91%
2) If you’ve got the budget for it, then a kitchen renovation in Frisco, TX, can boost the value of your home. Recouped costs for a minor kitchen renovation project are estimated to be 75%; in contrast, major remodeling projects have an average recouped the cost of 56%.
3) If you don’t want to throw out the big bigs on a complete bathroom renovation, consider small bathroom updates. According to Zillow, a minor bathroom face-lift can have an R.O.I of 27%. Minor changes can include recaulking a bathtub and upgrading bathroom fixtures and vanity lighting.
