Real estate, in general, is experiencing a significant downturn at the moment. But fortunately, it’s not all bad news. Homes in the Bay Area and the Peninsula are holding steady, a glimmer of hope in an otherwise volatile market that has many people wondering whether it’s time to sell their home, buy a new one, or invest in upgrades.
In truth, there are no blanket answers to these questions. What’s right for you might not be right for your neighbor, but if you weigh the pros and cons, you should be able to arrive at a reasonably qualified conclusion, that investing in your property can only reap benefits.
So let’s look at the options and their implications.
Buying a New Home
If you have been thinking of buying, it’s a good time to make it happen. On the plus side, interest rates are spectacularly low. On the downside, demand is high, prices are rising, and most homes are selling for full asking price.
For many of us, the “new normal” means working from home, which can be a catch-22. On the one hand, we can work from anywhere and there’s no commute. On the other, if your home is not set up for remote working, and if you don’t have many expansion options, moving to a larger home makes sense.
A better location, proximity to schools, and the right style of architecture can also be considerations. If you find the right home at a fair price, it could also allow you to finally construct the home of your dreams.
If you decide to go this route, be sure to partner with an architect who has the vision and the experience to deliver and create your dream home.
Selling Your Home
Any number of things could preclude the decision to sell, economy included. In such a desirable part of the state, the good news is it’s not likely you will have to wait for an offer.
Should you decide to sell, be sure to make all the repairs and upgrades before you list to maximize your home’s value. Unless you need significant upgrades, a coat of paint, general cleaning, and fixing any small, visible things will deliver good curb appeal.
Investing in Your Home
The third option is to invest in your home. If you have room to grow and your zoning allows, adding on, building an ADU, or remodeling will help you adapt to your new COVID-inspired lifestyle.
The truth is, many families will probably never return to “the way it was.” We are working from home, homeschooling, and just spending more time at home in general. If this sounds like you, a remodel might be the way to go.
You need space for the kids, private space for working, and ways to keep everybody amused. The kitchen is probably seeing even more traffic than usual, as are the bathrooms. Renovating these spaces could help everybody feel more at home & comfortable, enabling joyous times at home.
A finished basement, garage conversion, or an ADU could give you some extra recreational space, an income unit, a self-contained home office, fitness room, or a safe place for your elderly parents to move into.