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Q. The floors in our home are mostly hardwood except for the entry hall, which is dated tile. Is it worth replacing?
A. “If you and your broker notice it as a flaw and something that needs to be updated, you can be sure the buyer will, too,” said Aimee Scher, a real estate sales representative at Douglas Elliman Real Estate in Manhattan. So in most cases, she said, it is probably a good idea to replace the tile.
But you should consider the condition of the rest of the home, and your asking price. If other parts of your home require work, and you plan to set the asking price below similar properties, it may make sense to leave it as is.
“Some people would be willing to buy it with that flaw,” Ms. Scher said, “and then rip it out and replace it themselves.”
If the rest of your home is in pristine condition, though, and you plan to set your asking price at the high end of the range for similar properties, you should deal with the problem.
Ms. Scher said, “A $10,000 fix that might add $30,000 or $40,000 to your purchase price is something worth doing.”
Douglas Elliman Realtor Elaine Richheimer has noticed that the South Shore of Long Island is buzzing with real estate activity despite continuing efforts to recover from the water damage of November 2012’s Super Storm Sandy. In fact, home sales have increased 48.5% in the region stretching from Queens to the Hamptons.
“Although sales of waterfront properties are quieter, pricing is attractive and, as a result, living in a house on the water overlooking the South Shore is more obtainable now,” Richheimer told MainStreet.
Richheimer’s optimistic glow on home sales in New York reflects an estimated 56% of real estate agents who say now is a good time to buy compared to 55% in the fourth quarter of 2013, according to Redfin data.
While 71% of current homeowners are contemplating selling in 2014, according to a Lending Tree survey, buyers continue to be frustrated by housing shortages with 87% of Redfin realtors citing limited inventory as the biggest challenge for buyers.
“The housing crash lead new home construction to fall off dramatically, restricting the number of homes available for sale,” said Ellen Haberle, economist with Redfin, a national real estate brokerage. “New home construction has increased slowly over the past two years, but factors such as a lack of developed lots and skilled labor, expensive materials and tight credit conditions have challenged builders’ ability to boost construction quickly.”
http://www.mainstreet.com/article/real-estate/housing-shortage-highest-these-cities