Sellers Stalled? Report Shows Remodeling Brings Best Returns

MarketWatch reported this morning that, for the second year in a row, exterior home remodeling can still bring sellers the greatest return on percentage of cost. The National Association of REALTORS "2008 Remodeling Cost vs. Value Report" indicates that "On a national level, wood deck additions and all types of siding replacements -- upscale fiber cement, midrange vinyl, and upscale foam-backed vinyl -- returned more than 80 percent of project costs upon resale. Of these, the most profitable project was upscale fiber cement siding, which recouped 86.7 percent of costs, followed by wood decks at 81.8 percent, midrange vinyl siding at 80.7 percent, and upscale foam-backed vinyl siding at 80.4 percent."

"Because today's buyers have much more to choose from in the way of inventory, any home for sale must make a positive first impression," said National Association of Realtors(R) President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. "As a trusted source for real estate information, Realtors(R) understand what attracts and motivates their buyer clients, which is why the results of this year's Cost vs. Value report underscore the importance of curb appeal in the buyer's eye."

Have the sellers you represent enjoyed better returns in this market due to remodeling? Let us know in the comments section below.