You may have noticed that the market has been changing for awhile now. Many buyers are out this fall scouting for great deals (they are not hard to find!), and many sellers who are pricing and marketing appropriately are benefiting from the uptick in activity in Lake Oswego (see Ron’s blog post of Monday 9/29). It is also true that some decided in the spring and summer to spruce up their homes in anticipation of changing market conditions, and the expectation of reaping some profit from their efforts when the time comes to sell.
I thought you might find it interesting to note some of the trends in the 2007 “cost vs. value” report for the Portland area according to www.costvsvalue.com. The data for Portland is “Pacific” data as compared to national averages. Here are some tidbits to hopefully give you an idea of what you might expect as a return for your remodeling investment according to this report:
Midrange Projects: Pacific / National Average
Deck Addition/Wood / 108% / 85.4%
Minor Kitchen Remodel / 103.5% / 83%
Window Replacement/Wood / 102.9% / 81.2%
Window Replacement/Vinyl / 98.5% / 79.3%
Basement Remodel / 96.8% / 75.1%
Bathroom Remodel / 96.6% / 78.3%
Major Kitchen Remodel / 96.6% / 78.1%
Two-Story Addition / 90.9% / 73.9%
Garage Addition / 88% / 69.5%
Master Suite Addition / 87.2% / 69%
Roofing Replacement / 85.1% / 67.4%
Family Room Addition / 84.8% / 68.6%
Bathroom Addition / 83.5% / 66%
Upscale Projects:
Window Replacement/Wood / 103.4% / 79.3%
Window Replacement/Vinyl / 100.7% / 81%
Deck Addition/Composite / 98.4% / 77.6%
Major Kitchen Remodel / 88.9% / 74.1%
Bathroom Remodel / 84.7% / 68.4%
Bathroom Addition / 84.1% / 69%
Roofing Replacement (Steel) / 79.9% / 65.7%
Garage Addition / 78.1% / 64.6%
Master Suite Addition / 77.3% / 64.1%