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Top Remodeling Projects for Resale

Refinishing hardwood floors is the remodeling project that pays back the most, recovering the highest percentage of its cost—147%—at resale, according to the 2022 Remodeling Impact Report, a joint study from the National Association of REALTORS® and the National Association of the Remodeling Industry.

Home remodeling projects aren’t only offering a potential boost at resale; they’re also making homeowners happier. Painting a home’s interior, adding a home office, installing hardwood flooring, and renovating closets made consumers happiest, the report shows.

The remodeling boom has continued since the pandemic began as homeowners’ desires to spruce up their homes grow, whether through large house additions or simply small one-room painting tasks.

“Quite often, an added benefit to home renovations is the possibility of an increase in the home’s value, which is a reason why some people remodel,” says Jessica Lautz, vice president of demographics and behavioral insights at NAR. “This is especially advantageous to a homeowner who may be considering selling their house or converting the home to a rental property.”

For the report, REALTORS® provided an estimate of the likely dollar value of various remodeling projects that could add to the value of a home during resale that was compared to National Association of Remodeling Industry remodelers’ estimations of project costs.

Besides refinished hardwood flooring, new hardwood flooring also had the potential for a high recovery at resale, at 118%, as did upgrading the home’s insulation, at 100%, the survey shows.

Among exterior projects, new roofing and garage doors had recovery rates reaching 100% of the project costs, according to the report.

Kitchen upgrades also showed a high potential payback at resale. NARI remodelers estimated an average kitchen remodel would cost about $45,000. But REALTORS® surveyed estimated that $30,000 of that would likely be recovered at resale – a 67% recovery rate.

House Projects That Bring the Most Joy

The survey also identified projects that made home renovators want to remain in their homes and those that brought them an increase in the enjoyment of their spaces. The home remodeling projects that received a “Joy Score” of 10, the top score, were:

Painting a home’s entire interior     Painting one room     Adding a home office    

Hardwood floor refinishing         Closet renovation        Insulation upgrades    

The Remodeling Boom Continues

Americans spent $420 billion in 2020 on home remodeling. Contractors report greater demand for services and for larger-scale projects, such as remodels of more than one room, according to the 2022 Remodeling Impact Report. Eighty-six percent of consumers reported that remodeling one area of their home then inspired them to remodel other areas of the house.

“The pandemic has changed the way we use our homes, and many of those changes are here to stay,” Lautz says. “As a result, homeowners needed to reconfigure or remodel how they use their home and maximize space.”

Thirty-five percent of homeowners said one of the top motivators for their remodel was to improve their home’s functionality and livability. Also, 22% of homeowners were motivated to have greater durability in the materials and appliances inside their homes. Fourteen percent were motivated to improve the beauty and aesthetics of their home.

Source: “2022 Remodeling Impact Report,” National Association of REALTORS® (April 6, 2022)


Cape May Communities 1st Quarter 2022 Residential Market Stats

The Cape May Communities continued to show impressive price appreciation over the last few years, but we are starting to see a slowing of sales activity. This change in activity is mostly due to a lack of inventory. At this time, we have not seen a slowing of buyer demand due to the recent rise in interest rates. The average interest rate throughout 2021 was 2.96%, but by the end of the first quarter, rates had risen to over 4.5%.

Cape May

1st Quarter 2022

  • Number of Transactions: 36
  • Average Sale Price: $1,129,876
  • Average Days on Market: 152
  • Total Value of Real Estate Sold: $40,675,544

1st Quarter 2021

  • Number of Transactions: 51
  • Average Sale Price: $1,095,492
  • Average Days on Market: 140
  • Total Value of Real Estate Sold: $55,870,129

Cape May Point

1st Quarter 2022

  • Number of Transactions: 1
  • Average Sale Price: $2,170,750
  • Average Days on Market: 17
  • Total Value of Real Estate Sold: $2,170,750

1st Quarter 2021

  • Number of Transactions: 4
  • Average Sale Price: $1,062,162
  • Average Days on Market: 141
  • Total Value of Real Estate Sold: $4,248,650

West Cape May

1st Quarter 2022

  • Number of Transactions: 10
  • Average Sale Price: $1,053,750
  • Average Days on Market: 154
  • Total Value of Real Estate Sold: $10,537,500

1st Quarter 2021

  • Number of Transactions: 15
  • Average Sale Price: $905,920
  • Average Days on Market: 162
  • Total Value of Real Estate Sold: $13,588,800

Lower Township

1st Quarter 2022

  • Number of Transactions: 97
  • Average Sale Price: $424,021
  • Average Days on Market: 93
  • Total Value of Real Estate Sold: $41,130,115

1st Quarter 2021

  • Number of Transactions: 141
  • Average Sale Price: $387,903
  • Average Days on Market: 86
  • Total Value of Real Estate Sold: $54,694,376

*Data is from the MLS. All information is deemed reliable, but is not guaranteed.

What are the qualities you need in a Real Estate Agent?

Courtesy of Trisha Kellaway, Sales Associate

The 2021 market was extremely strong and one which our community has not experienced in years. Low interest rates enticed more buyers and investors to surface and there was little to no inventory to meet the growing demand. Homes listed for sale garnered multiple offers. In some cases, buyers waved inspections (not something I recommend) and bid over asking price. Some sellers saw offers that were too good to be true. One such scenario is when an appraisal does not meet the offer and the buyers do not have the cash to cover the difference between their offer and the actual appraised value.

A buyer needs the right support to navigate this market and to achieve their goals of home ownership, without overpaying. A seller needs an agent who will advise them on what to look for in all aspects of each offer, not just the dollar amount.

As a local, full-time real estate agent with Homestead I offer the skills mentioned above in addition to the care and compassion I give each of my clients. Last year, I assisted my clients in buying and selling millions of dollars in real estate. My most rewarding sale in 2021 was a colleague from my prior career who reached out to me as their rental lease was ending. With short notice they needed to find somewhere to live, fast.

Not only did I find them a house to purchase, I found them the perfect home! We went to work that day making a strong offer, beating out other offers with an FHA mortgage. I had excellent communication and rapport with the listing agent, which assists in a more viable transaction. I recommended my clients use the best local mortgage consultant in town, who has a proven track record of getting to the closing table. The job does not stop there, there are inspections, appraisals and more to anticipate. Making it to closing day and handing my clients their keys was my highest accomplishment. I believe their review of my work says it all, “Trisha was phenomenal from our first conversation. She cared about our dream home and making the process simple. Trisha would be an asset to anyone who is looking to buy or sell a new home! Thank you, Trisha, for making our dreams come true!!!” When you make the decision to hire any professional what is the first thing you do? You ask for referrals from friends and family based on their firsthand experiences, research reviews online and hire based on a proven track record. Hiring a real estate agent should be handled the same way. I would be happy to give you my expertise and experience and assist you in the search for your dream home or the sale of your home. Please call 609.780.4469 or email TKellaway@HomesteadRealEstate.Net and allow me to assist you in achieving your real estate goals.


Cape May Communities Residential Market Stats

The year 2021 started off with the lowest interest rates on record, short supply and high demand. This trend continued throughout the year making 2021 the strongest housing market in the last 15 years. Home prices continued to dramatically increase from prior years and sellers experienced multiple offers with some being over asking price. Review the stats below to see the market growth for 2021 vs. 2020.

Cape May

Last 12 Months Sold Data (Jan 1, 2021 to Dec 31, 2021)

  • Number of Transactions: 198
  • Average Sale Price: $1,036,692
  • Median Sale Price: $877,500
  • Average Days on Market: 132

Previous 12 Months Sold Data (Jan 1, 2020 to Dec 31, 2020

  • Number of Transactions: 164
  • Average Sale Price: $887,524
  • Median Sale Price: $759,250
  • Average Days on Market: 139

Cape May Point

Last 12 Months Sold Data (Jan 1, 2021 to Dec 31, 2021)

  • Number of Transactions: 25
  • Average Sale Price: $1,221,458
  • Median Sale Price: $1,015,000
  • Average Days on Market: 140

Previous 12 Months Sold Data (Jan 1, 2020 to Dec 31, 2020)

  • Number of Transactions: 31
  • Average Sale Price: $1,096,668
  • Median Sale Price: $1,070,000
  • Average Days on Market: 149

West Cape May

Last 12 Months Sold Data (Jan 1, 2021 to Dec 31, 2021)

  • Number of Transactions: 38
  • Average Sale Price: $894,071
  • Median Sale Price: $800,000
  • Average Days on Market: 158

Previous 12 Months Sold Data (Jan 1, 2020 to Dec 31, 2020)

  • Number of Transactions: 46
  • Average Sale Price: $710,260
  • Median Sale Price: $694,450
  • Average Days on Market: 159

Lower Township

Last 12 Months Sold Data (Jan 1, 2021 to Dec 31, 2021)

  • Number of Transactions: 557
  • Average Sale Price: $376,432
  • Median Sale Price: $320,000
  • Average Days on Market: 79

Previous 12 Months Sold Data (Jan 1, 2020 to Dec 31, 2020)

  • Number of Transactions: 629
  • Average Sale Price: $316,828
  • Median Sale Price: $269,900
  • Average Days on Market: 116

SOLD In-house

See this exclusive in-house deal!

915 Columbia Avenue, Cape May, NJ 08204

Sold price: $1,200,000


This lovely, 5 bedroom 3.5 bathroom home located just outside the historic district of downtown Cape May has new ownership! The new owners have fallen in love with the proximity to everything Cape May offers, the granite counters in the kitchen, the large, spacious three-season porch off the back, hardwood flooring throughout and so much more. The property has a narrow but deep 38×266 Irregular lot – with enough ground space to add an in-ground pool! The home is now going to serve as a weekly rental, so be sure to keep your eyes on the rental market for this Cape May gem.

Craig Needles had represented the sellers while Janice Conwell and Annie Mullock had represented the buyers in this dual-disclosure transaction. For more information on the sale, or if you’re interested in listing or selling, give us a call today at 609-884-1888!

 

Office Exclusive Listing

128 Sunset Boulevard, West Cape May


Asking: $525,000

The possibilities are literally endless with this property!

 

Over 2000 square feet of open space overlooking the bird sanctuary located on a highly visible street for commercial use. Location would make an excellent restaurant, coffee house, a spa or yoga studio, retail shop or even office space. Since the focus of the property is the sanctuary, it would make a fantastic location for weekly rentals. Use your imagination and be mesmerized by the sunsets on the amazing wrap-around deck!

Don’t miss out, schedule your showing today by calling our office!


 

Office Exclusive Listing

5 Jackson Street unit 305, Cape May


Asking: $399,900

Looking for the perfect getaway? Unit 305 at The Tides is just what you need. This 1 bedroom, 1 bathroom unit is located just steps away from all of the restaurants and shopping on Washington Street Mall and just across from the beach! 

 

This bright and airy condo offers a spacious living room with dining area. The kitchen is cozy and has plenty of cabinets for storage. The bathroom has been totally updated with a shower from Bath Fitters. The bedroom gets plenty of natural light. California closet organizers have been installed for extra storage space. Newer Anderson windows and HVAC replaced 4 years ago. Common areas include the swimming pool, courtyard, lobby and a coin operated laundry area. Secure and private access to the building with a key-card. This unit has not been rented but has amazing rental potential!

 

Don’t miss out, schedule your showing today by calling our office!


 

Cape May Market Update – February 2016

A review of Southern Cape May County real estate markets for the month of February 2016. Written by Micah Yerk.

Cape May County is making it’s final lap of the first quarter of 2016 and two months of data is now in the books as we examine our most serviced markets – what is selling, key market metrics, and what are the 12 month trends…


CAPE MAY

It was a slow month for property transfers in Cape May compared to February 2015, only seeing 5 transactions this past month versus 9 in the previous year (in a leap year, no less). But don’t be alarmed with such a small sample, as it is only worth weighing data samples of at least 6 months in such a small market. Click below to see what sold this past month:

View Sold Homes

Active Homes 
Last 12 Months Sold Data (03/01/15 – 02/29/16):

  • Average Sale Price: $640,374
  • Median Sale Price: $576,000
  • Average Bedrooms: 3.7
  • Average Baths: 2.4
  • Transactions: 108
  • Average Days on Market: 231
  • CLICK HERE for a closer look at what sold in this period

Previous 12 Months Sold Data (03/01/14 – 02/28/15):

  • Average Sale Price: $687,932
  • Median Sale Price: $505,000
  • Average Bedrooms 3.7
  • Average Baths 2.4
  • Transactions: 75
  • Average Days on Market: 270
  • CLICK HERE for a closer look at what sold in this period

What may be striking at first glance here is that the average sale price the last 12 months is over $47,000 LESS than it was the previous 12 months. Do not fret. A better indicator of what is happening in the market is the median price, which saw over a $70,000 increase in that same time. Since the average sized home is almost identical in both data sets it is worth noting the trend. We find ourselves in an election year following some stock market volatility both domestic and abroad. Being in a second home market Cape May could simply be the victim of buyers choosing to forgo purchasing more expensive beach/vacation/investment properties for more modestly priced options.  The fact that the average size of the homes selling is identical, the selling price is significantly less, and the median selling price is significantly higher, what we’re seeing is a concentration of SMALLER homes selling. This reflects the activity we have seen in the Village Green section of Cape May comprised primarily of quads and twins.

Thinking of selling or would like more information from an expert? Reach out to one of our full time agents for more insight into the Cape May Market.


CAPE MAY BEACH

Two new comparables have sold in the Cape May Beach section of Lower Township for you to gauge against your own property (use the sold property search function to further research area sold data and to restrict your search to homes more similar to your property).

View Sold Homes

Active Homes

Last 12 Months Sold Data (03/01/15 – 02/29/16):

  • Average Sale Price: $334,841
  • Median Sale Price: $277,500
  • Average Bedrooms: 3.3
  • Average Baths: 2.0
  • Transactions: 36
  • Average Days on Market: 177
  • CLICK HERE for a closer look at what sold in this period

Previous 12 Months Sold Data (03/01/14 – 02/28/15):

  • Average Sale Price: $328,466
  • Median Sale Price: $232,500
  • Average Bedrooms 2.9
  • Average Baths 2.0
  • Transactions: 18
  • Average Days on Market: 218
  • CLICK HERE for a closer look at what sold in this period

All signs point favorably for Cape May Beach; average and median sale price have increased, the last 12 months has seen a huge increase in activity for residential listings sold (up 100%), and the average days on market for listings sold has decreased significantly.

Thinking of selling or would like more information from an expert? Reach out to one of our full time agents for more insight into the Cape May Beach Market.


CAPE MAY COURT HOUSE

Seven residential homes sold in Cape May Court House this past month while only four home sold in that same time in 2015.

View Sold Homes

Active Homes

Last 12 Months Sold Data (03/01/15 – 02/29/16):

  • Average Sale Price: $218,983
  • Median Sale Price: $215,000
  • Average Bedrooms: 3.1
  • Average Baths: 1.9
  • Transactions: 127
  • Average Days on Market: 205
  • CLICK HERE for a closer look at what sold in this period

Previous 12 Months Sold Data (03/01/14 – 02/28/15):

  • Average Sale Price: $234,424
  • Median Sale Price: $220,000
  • Average Bedrooms 3.1
  • Average Baths 2.0
  • Transactions: 83
  • Average Days on Market: 218
  • CLICK HERE for a closer look at what sold in this period

The good news: there was a huge increase in activity in the past 12 months and the average days on market has dropped. The bad news: the pricing trend in the last 12 months is down slightly, but not significantly. The most important takeaway is that properties are moving more frequently in what has been a stagnant real estate market since the housing crisis.

Thinking of selling or would like more information from an expert? Reach out to one of our full time agents for more insight into the Cape May Court House Market.


CAPE MAY POINT

One property sold in the beautiful town of Cape May Point this past month, and incidentally only one home sold in February of 2015 as well.

View Sold Homes

Active Homes

Last 12 Months Sold Data (03/01/15 – 02/29/16):

  • Average Sale Price: $774,959
  • Median Sale Price: $646,250
  • Average Bedrooms: 3.4
  • Average Baths: 2.2
  • Transactions: 18
  • Average Days on Market: 236
  • CLICK HERE for a closer look at what sold in this period

Previous 12 Months Sold Data (03/01/14 – 02/28/15):

  • Average Sale Price: $712,745
  • Median Sale Price: $650,000
  • Average Bedrooms 3.7
  • Average Baths 2.2
  • Transactions: 21
  • Average Days on Market: 254
  • CLICK HERE for a closer look at what sold in this period

Activity is slightly down in “The Point”, but the average days on market has decreased, median sales price has held steady, and the average sales price has increased significantly (up 8.7%). Temper expectations slightly with the large increase in average sold price knowing that the average sized home to sell was measurably smaller.

Thinking of selling or would like more information from an expert? Reach out to one of our full time agents for more insight into the Cape May Point Market.


NORTH CAPE MAY

Seven North Cape May homes sold in February, up from the count of four to sell back in 2015.

View Sold Homes

Active Homes

Last 12 Months Sold Data (03/01/15 – 02/29/16):

  • Average Sale Price: $211,177
  • Median Sale Price: $198,000
  • Average Bedrooms: 2.8
  • Average Baths: 1.6
  • Transactions: 105
  • Average Days on Market: 152
  • CLICK HERE for a closer look at what sold in this period

Previous 12 Months Sold Data (03/01/14 – 02/28/15):

  • Average Sale Price: $189,058
  • Median Sale Price: $175,165
  • Average Bedrooms 2.8
  • Average Baths 1.5
  • Transactions: 74
  • Average Days on Market: 167
  • CLICK HERE for a closer look at what sold in this period

Things are looking rosy in North Cape May. This desirable off-shore market is up in every category listed above, and most importantly activity has increased along with prices.

Thinking of selling or would like more information from an expert? Reach out to one of our full time agents for more insight into the North Cape May Market.


TOWNBANK

Only one property sold in the Townbank section of Lower Township this past month, which is actually an increase from the zero properties that sold in February last year.

View Sold Homes

Active Homes

Last 12 Months Sold Data (03/01/15 – 02/29/16):

  • Average Sale Price: $365,277
  • Median Sale Price: $297,250
  • Average Bedrooms: 3.1
  • Average Baths: 1.9
  • Transactions: 22
  • Average Days on Market: 173
  • CLICK HERE for a closer look at what sold in this period

Previous 12 Months Sold Data (03/01/14 – 02/28/15):

  • Average Sale Price: $327,329
  • Median Sale Price: $265,000
  • Average Bedrooms 3.0
  • Average Baths 2.0
  • Transactions: 29
  • Average Days on Market: 180
  • CLICK HERE for a closer look at what sold in this period

Townbank has improved in all but one of the categories calculated above (total transactions).

Thinking of selling or would like more information from an expert? Reach out to one of our full time agents for more insight into the Townbank Market.


VILLAS

Ten properties have sold in the Villas this past February, just slightly above the eleven homes that sold the February prior.

View Sold Homes

Active Homes

Last 12 Months Sold Data (03/01/15 – 02/29/16):

  • Average Sale Price: $143,265
  • Median Sale Price: $125,000
  • Average Bedrooms: 2.6
  • Average Baths: 1.4
  • Transactions: 152
  • Average Days on Market: 155
  • CLICK HERE for a closer look at what sold in this period

Previous 12 Months Sold Data (03/01/14 – 02/28/15):

  • Average Sale Price: $141,178
  • Median Sale Price: $125,000
  • Average Bedrooms 2.6
  • Average Baths 1.4
  • Transactions: 127
  • Average Days on Market: 177
  • CLICK HERE for a closer look at what sold in this period

The average property size is almost identical, but prices, days on market, and the number of transactions have all slightly improved in the Villas.

Thinking of selling or would like more information from an expert? Reach out to one of our full time agents for more insight into the Villas Market.


WEST CAPE MAY

Two homes sold in West Cape May, an improvement from the zero homes to sell in  February 2015.

View Sold Homes

Active Homes

Last 12 Months Sold Data (03/01/15 – 02/29/16):

  • Average Sale Price: $486,225
  • Median Sale Price: $469,000
  • Average Bedrooms: 3.5
  • Average Baths: 2.3
  • Transactions: 35
  • Average Days on Market: 209
  • CLICK HERE for a closer look at what sold in this period

Previous 12 Months Sold Data (03/01/14 – 02/28/15):

  • Average Sale Price: $453,186
  • Median Sale Price: $465,000
  • Average Bedrooms 3.4
  • Average Baths 2.1
  • Transactions: 23
  • Average Days on Market: 238
  • CLICK HERE for a closer look at what sold in this period

West Cape May is trending upward in all categories, just keep in mind that these increases should be tempered with the marginal increase in average size of homes selling.

That’s it for this time, sports fans. Want to know more about an area that wasn’t include? Let us know in the comments section and we’ll be sure to add your area of interest for next month’s article.


Data gathered from CMCMLS deemed reliable but not guaranteed.

Micah Yerk is a licensed full time real estate agent and office manager with Homestead Real Estate Co., Inc. 

CUSTOM BUILT HOME

Don’t miss this 4 bedroom 2.5 bath custom built home. Inside you will find custom cabinetry, crown molding, stainless steel appliances, built in surround sound, hardwood floors and more.  Outside the property is beautifully landscaped and includes a spacious screened in porch which leads to the large Trex deck which surrounds the heated pool.  In addition to the attached, oversized, 2 car garage there is also a detached garage with attic storage.  This home offers so much more and must be seen to be appreciated.  21 W Woodland21 w woodland b21 w woodland c21 w woodland d21 w woodland e21 w woodland f

LOTS OF HOUSE FOR THE MONEY

If you are looking for a spacious place to call home look no further!  This 6 bedroom, 3.5 bath home sits on just under 2 acres so there is plenty of outdoor space for pets to roam, children to play, and gardens to be planted.  Inside this 2738 square foot home you will find a living room, dining room, family room with cathedral ceilings, 2 master bedrooms-one on the first floor and another on the second, spacious kitchen and so much more.  Because this home is nestled among the trees, far away from the main road, it is quiet, tranquil and very peaceful.  Don’t let this one get away!326 Indian Trail Road

FABULOUS WATERFRONT HOME

1534 YachtFabulous waterfront condo/townhouse located on Yacht Ave, one of Cape May’s best kept secrets!  This 3 bedroom, 2 bath corner unit boasts multiple decks which overlook your boat slip and amazing harbor views.  This home is being sold fully furnished and move-in ready.  Whether using as your own or as a rental for extra income you will be the envy of all your friends!

SURROUNDED BY STATE PRESERVED LAND

682 PetticoatLocated on over an acre with state preserved land surrounding it is where you will find this once in a lifetime Urban Business zoned property.  The main house offers two licensed apartments, 1 two bedroom unit and 1 one bedroom unit.  Both are currently rented with tenants paying all utilities.  The separate single detached cottage is 2 bedrooms and 1 bath.  This unique property won’t last long.