Bang for your Buck

Chris Edwards

Kitschy, outdated kitchen. Too-small master suite. Tight floor plan. Whatever your home’s problem, it’s time to fix it. But what renovation gives you the most return on your investment? We found four projects that offer a considerable bang for your resale buck. From Myers Park to Cornelius to SouthPark, these remodeling jobs show how you can reap the most from one of your biggest investments

What’s Your Home Worth Now?

The Charlotte real estate market is unfortunately not bouncing back the way one would hope. In January the Charlotte Regional Realtors Association reported that the average sales price for January 2011 ($188,147) was down 6.2 percent compared to January 2010 ($200,592), and was down 3 percent compared to December 2010 ($193,910). And an analysis done by The Charlotte Observer in February found that more than half of the homes for sale in 2010 in Mecklenburg County had mortgages that were in trouble: sales at foreclosure auctions, resales by lenders and government housing agencies, and forced sales by homeowners.

But not all is lost, says Realtor Ryan Willis of Boxwood Realty. "Homes over the $1 million price point are selling as lending has tightened up substantially for jumbo loans in 2009," he says. Willis adds that the average sales price increased in some neighborhoods — see our chart for details. To find out if your area’s average sales price has increased, check out our exclusive annual real estate chart. – Blake Miller

Categories: Feature, The Buzz