In the real estate industry, it’s often true that a seemingly small event can be indicative of bigger (and often positive) changes… and we’re seeing an example of that now! Home Depot recently released a report showing that it had seen a record high of transactions in the past three months, and that an increasing number of these transactions was for purchases above $900. Because Home Depot is a home improvement giant, it only makes sense that such great numbers would have an effect on the real estate market. But what is that, exactly?
In light of the news from Home Depot, we’re looking at the top three ways home improvement can help improve the market.
1. It raises the value of your home and can make it easier to sell.
The first way home improvement can help improve the market as a whole is also the clearest way—it can fix up “problem spots” in your home and make it easier to sell! You may not love having to fix up damaged or outdated parts of your home, but over time those runs to the home improvement store can really improve the value of your home (and, of course, make it more enjoyable for you and your family). When it comes time to sell, a well maintained and “newer” feeling home will typically sell faster and at a better price than a comparable one down the road without those features.
2. It adds value to the neighborhood as a whole.
We’ve all been woken up by a neighbor’s lawn mower on a weekend morning… and while you may not love the abrupt awakening, your neighbors’ home improvement can really benefit you as well! While buyers do consider your home and its condition while making the decision to buy, they also consider your home’s location and the neighborhood as a whole. This is why living in a great community—where homeowners put time and care into their homes—can help you sell your home.
3. It shows that American homeowners are getting back on their feet.
The third way increasing home improvement can help the real estate industry? It shows effort and investment that American homeowners have not displayed in almost a decade! The recent figures from Home Depot, for example, revealed that shoppers were spending the most they had since 2006—which, as you may have guessed, is before the economic crisis that happened a few years later. People are showing more and more care for their homes, in addition to more dedication to their communities as a whole. The combination of these factors can make the home selling process more rewarding (on both ends of the sale!).
We hope that you can now have a better idea of just how positive this trend really is! Home improvement shows an investment in our homes that we haven’t seen since before the recession—so the next time you see a neighbor pruning their trees, mowing their lawn or constructing a new room, get excited! This could, over time, mean good things for you and your neighbors.