My Real Estate Blog

What do you do when your family outgrows your home? A few years ago the answer was easy. With home values climbing an average of 50% from 2001 to 2005, and lending easy. Trading up to a new home was easy.

Today moving has gotten harder. Median home prices are down 25% since their peak in 2006. Some 15 million homeowners-almost one in four- owe more on their mortgages then they could get from a buyer, according to Celia Chen, senior director od Moody's Economy.com. With the glut of inventory, even those who could afford to sell, face steep odds.

There still is an advantage to trading up now. If your home has good curb appeal, a good kitchen, and you price it right, offers will come. You may not turn a big profit, but you become a buyer, which means you will find what you want, paying less than a few years ago.

For the good news. The economic slump has actually made renovating your current home a bit easier. The cost is currently lower on building materials. Plywood is down 46%. Framing lumber is down 42%, and drywall is down 25%. Also with contractors competing for a smaller pool of jobs, labor cost is down, and you will not have to wait long to get a job done.

To make sure that the improvements that you plan are in line with homes in your area, a current appraisal on your home can help. The important thing is to keep the budget in line.

If an appraisal is the place to start- Boivin Appraisals, Inc would be glad to help.