POINT OF VIEW: Editor’s Note

Needed: research aides

The annual “Cost vs. Value Report,” which we publish in conjunction with Remodeling magazine, strikes at the heart of homesellers’ central anxiety: How much is our house worth—and does it help that we just replaced the windows and put a wet bar and bathroom in the basement?

You’re the best person to answer those types of questions. You know whether newer windows are customary for your neighborhood or a real selling point. You know whether people buying in your area really value a finished basement or consider it simply nice to have. But as with any opinion, it’s always good to have some data to back you up. And that’s what “Cost vs. Value” aims to provide—the estimated value of various remodeling projects under current market conditions.

We don’t conduct the research for the report. That’s the work of our friends at Remodeling. But we do collaborate with the staff there each year to help them improve on the report. Because the estimated values are provided by REALTORS®, our effort in the past couple of years has gone toward getting more practitioners to respond to the survey. We’ve been largely successful: We were able to report data from 53 metropolitan areas this year—a 51 percent increase over the 35 areas we covered last year.

However, we weren’t able to come through in every market we tried to reach. As you’ll see in this year’s report, there were seven markets for which we didn’t get enough data to report an estimated resale value. It’s a disappointment to us and, I’m sure, to those of you in those markets.

In other markets, our numbers were high enough that Remodeling felt comfortable reporting results, but you’ll see a few seeming anomalies that might leave you scratching your head. (Is a new roof really worth only $1,700 in Detroit?)

Next year, we’d like to have at least 30 respondents in all 60 markets we survey. If you’re in one of the 60 metropolitan areas listed in this year’s report, and you’re willing to participate in next year’s survey, sign up by clicking on Cost vs. Value Report at REALTOR.org/realtormag. With your help, we can make this survey presentation even more valuable. Thank you!

—Editor Stacey Moncrieff

COMMENTS?

The magazine’s Web site is REALTOR.org/realtormag. Send your letters to narpubs@realtors.org.