The home is in a nice location and well built. Although the home has not been extensively updated, it is a functional floor plan and updating can be done over time
1,717 square foot, 3 bedroom 2 bath Sunriver home in nice location sells after 381 days on market. After being originally listed for $349,000, #3 Ollalie went pending on March 17th at $339,000, closed just 17 days later on April 4th for $312,500 at just under 90% of list price (3 Ollalie Lane Sunriver, OR 97707 details & pictures).
#3 Ollalie sold for $182 per square foot whereas homes sold in Sunriver during the month of March averaged a little over $205 per square foot.
Selling at just under 90% of list price, the sale was below the Sunriver average for the previous month of March. March’s list/sale price percentage for sold homes in Sunriver was 95.41%.
The home is in a nice location and well built. Although the home has not been extensively updated, it is a functional single level floor plan and updating can be done over time. At $312,500, #3 Ollalie was a very nice buy. Sunriver homes this nicely located and well maintained will be difficult to find moving ahead in to the busy Summer months.
Sunriver Homes that sell on the high side of the average have a few things in common. They are in a desirable location, have been well maintained, may have been updated with square footage additions, attractive hard surfaces, sturdy clean furniture packages and fashionable décor. Perhaps not all of these features but likely a combination of some or most.
Benefits of updating your home in Sunriver before you sell…
There are newer homes in Sunriver and older homes but the majority of homes in Sunriver were built between the late 70’s and early 2000’s. Many Sunriver homes for sale are in need of a renovation or at least a update. Some Sunriver homes for sale have been completely updated, while some homes for sale in Sunriver have not been changed at all since they were built.
A buyer considering a remodel of their own will want to completely understand market conditions and condition of the house.
Well maintained, nicely remodeled Sunriver homes sell for a premium within the Sunriver real estate market. Desirable locations, square footage/bedroom/bath additions, updated hard surfaces, sturdy clean furniture packages, fashionable décor, good lighting, improved insulation, kitchen redesigns, new windows etc… are all common attributes amongst homes that sell on the higher side of average. Typically, a seller should never expect to recoup every dollar spent on a remodel, renovation, or update however, the Sunriver real estate market flips that way of thinking on its head! There is anywhere from a $10-$60 jump in price per square foot for homes that have been updated in comparison to homes that have not been updated and/or well maintained. For a 1,800 square foot Sunriver home there could be approximately a 110,000k difference in value for a home that is updated or not. Wow! Historically, this has not always been true within Sunriver and the dynamic will probably not last forever. I believe the housing collapse helped to create this very uncommon real estate market dynamic. Think about taking advantage while it lasts…
The value of renovations may or may not be affect the offer, but the function, appeal and quality of the renovation could swing a buyer’s preference for the home.
A well thought out design (attention to functionality, style, scale and materials) often adds the most value to the renovation.
Many Sunriver homeowners wait to update or remodel their Sunirver home until they get ready to sell and the buyer gets to enjoy the upgrades. Why not do the upgrading now and enjoy them yourself! If you are thinking about buying a home in Sunriver and are looking for a specific style or do not want to pay a premium, why not purchase a home that is not updated and turn the home in to your Sunriver dream vacation residence!
One important factor to remain cognizant of is that the value of a renovation is not only received from the potentially higher sale price, but also the enjoyment over time of the renovated home.