How COVID-19 Is Changing The Real Estate Industry

| March 24, 2020

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As we come to a close on the first week that most of us in the US are self-quarantining due to the COVID-19 outbreak (also known as coronavirus), we’ve already begun to feel the effects on the real estate industry. Direct marketing, physical face-to-face meetings are very much being put on hold. Not all agents are making this switch, however. As we discuss in today’s episode of In The Lead, there are agents who are still very much taking the business-as-usual approach when it comes to their marketing efforts. One agent we spoke to is still conducting open houses, but has made it a policy to keep all the doors propped open, in an attempt to keep people from touching doorknobs and spreading the virus. Other agents are limiting the number of visitors they allow into a home at any one time.

Spotlight

Miron Construction Co., Inc

Miron Construction is recognized as an industry leader and one of the nation’s premier construction firms. Providing innovative pre-construction, construction management, design-build, industrial and general construction services, Miron is headquartered in Neenah, WI, with regional offices in Wausau, Milwaukee, Madison, and Eau Claire, WI and Cedar Rapids, IA.

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REAL ESTATE TECHNOLOGY

3 Things To Prioritize When Selling Your House

Article | June 4, 2021

Today’s housing market is full of unprecedented opportunities. High buyer demand paired with record-low housing inventory is creating the ultimate sellers’ market, which means it’s a fantastic time to sell your house. However, that doesn’t mean sellers are guaranteed success no matter what. There are still some key things to know so you can avoid costly mistakes and win big when you make a move. When inventory is low, like it is in the current market, it’s common to think buyers will pay whatever we ask when setting a listing price. Believe it or not, that’s not always true. Even in a sellers’ market, listing your house for the right price will maximize the number of buyers that see your house. This creates the best environment for bidding wars, which in turn are more likely to increase the final sale price. A real estate professional is the best person to help you set the best price for your house so you can achieve your financial goals.

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Investing in Commercial Real Estate

Article | June 4, 2021

The term “commercial real estate” is a broad phrase that includes several types of properties spanning across certain residential, office, and industrial developments. Commercial real estate investment generally requires more capital than other types of investment projects and involves more experience and time. It is imperative to understand the facts when deciding to become a commercial investor as other people’s livelihoods are at stake. Any mismanagement could be disastrous. As mentioned, “commercial real estate” is a broad category that many types of properties fall under. It is often defined as “real property” (ie: property “fixed” to the land) that generates a profit for the property holder.

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The Four Pillars of Real Estate Investing

Article | June 4, 2021

When it comes to investment strategy, why is it that real estate is consistently the preferred investment method of Americans? The reality is that the benefits of investing in real estate far exceed the obvious expectations. When responsible real estate investors commit to thorough due diligence, there are very few strategies with a more powerful impact when it comes to generating wealth. The scope of this discussion will be long-term buy-and-hold strategies rather than some of the more short-term types of real estate investment. These investments are more suited to beginners because there is a lower knowledge barrier to overcome and it is optimal for providing benefits that compound over time. These factors together form a potent combination for generating wealth and ultimately accelerating your path to financial independence. So, what makes real estate so powerful? Real estate is far more versatile an asset than it seems on the surface. Your average person understands that buying a home is a wise move simply because its value is very likely to appreciate over time. While this may be true in many cases, it’s only one very small piece of the puzzle. In fact, there are four main pillars of wealth generation that make real estate such an appealing asset class.

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HOME AND DESIGN

3 High-ROI Home Improvement Projects

Article | June 4, 2021

Considering a remodeling project? Before getting started, establish a list of return on investment (ROI) goals, because not all home improvements are created equal. Some add value to the home that can be recouped when selling, while others may be nice to have but are unlikely to raise the home's asking price. Anyone who wants to focus on home improvements that will pay for themselves when selling the home should know which projects to avoid. Read on to learn about three home improvement projects with a strong return on investment. Upgraded Landscaping For homeowners looking for a better price when they sell, it's hard to go wrong with landscaping. This is one of the few home improvements that typically yields a positive return when selling the home. On average, homeowners can recoup 150% of what they spend updating a home's landscaping. Since curb appeal is a huge factor in selling a home, choose improvements that can be seen from the road for the best return. Resodding or reseeding a lawn is a project that typically provides good returns. In an arid climate like Nevada, consider landscaping with native plants, xeriscaping, and other eco-friendly desert landscaping options to reduce water usage and maintenance requirements. Adding new trees to the landscaping can pay off now and at the time of sale. Trees provide shade and natural cooling, which can take a chunk out of power bills. When selling, trees add between $1,000 and $10,000 to the selling price of a home. Creating a Dazzling Entryway Continue the strong first impression by creating a welcoming space in the entryway of the home. Upgrading to manufactured stone veneer has a return on investment of around 96%. The improvement is relatively simple but makes the front door and the surrounding area more dramatic. Even small improvements can have a big impact. Upgrade to a metal door or one with small windows that let in additional light. Find upgraded house numbers that are visually appealing and easy to see. This often costs less than $100 but can improve the look and feel of the entry area and practically pay for itself when it's time to sell. Minor Kitchen Remodeling The kitchen is the heart of the home. This is the room that is one of the top choices for home improvement projects. However, contrary to what one might expect, huge kitchen overhauls don't always yield a high ROI. In fact, less costly improvements typically have a better payoff. Small projects that can dramatically improve a kitchen include: Repainting Refacing the cabinets and adding updated hardware Replacing countertops Upgrading to more energy-efficient appliances Choosing more energy-efficient appliances is an upgrade that can start repaying itself right away. Other improvements are likely to increase the price of the home when it sells. However, on average, kitchen remodeling projects only bring in 77% of their cost when it's time to sell. Because of this, homeowners should focus on upgrades that improve their quality of life and what they are likely to get back for their investment. Some common mistakes can reduce what a homeowner will get back from a kitchen remodeling project. Investing large amounts of money on items that will need to be replaced again in a few years is unlikely to provide a positive return. Choosing items that are too high-end can cause them to clash with the look and feel of the rest of the home, which could turn buyers off. Improve Daily Life and ROI With These Home Improvement Projects Most home improvement projects do not pay for themselves in full when selling the home. Rather, they are changes that make the home worth more to the owner now, that have the bonus of a price increase when you sell the home. The right home improvement project can make any house feel like a new construction home. Homeowners should look to areas that will give them the most mileage when picking updates for their homes. For instance, old kitchen cabinets can make the room feel dull and uninviting. Refacing with a bright new finish can make the kitchen feel like a brand-new room. Adding low-maintenance shrubs to the front yard adds visual interest that can be enjoyed right away. Projects that require special permits could raise questions during a home inspection and potentially reduce the home's value—but properly permitted additions may let homeowners list a home with an extra bedroom or bathroom. Choose the updates that will provide the most meaningful benefits, both now and at the time of sale. By making the home inviting and attractive, sellers are more likely to be able to name their dream price.

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Spotlight

Miron Construction Co., Inc

Miron Construction is recognized as an industry leader and one of the nation’s premier construction firms. Providing innovative pre-construction, construction management, design-build, industrial and general construction services, Miron is headquartered in Neenah, WI, with regional offices in Wausau, Milwaukee, Madison, and Eau Claire, WI and Cedar Rapids, IA.

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