If you’re planning to sell this year, you’re probably thinking about what renovations to do to get your house ready to appeal to the most buyers.
It’s crucial to work with a trusted real estate professional who knows your local market to get your home ready to sell. But it would also help if you considered a few things when deciding what to renovate and update before listing this season. So here are three things to keep top of mind as you’re making your list of projects to tackle this year.
1. The Number of Homes for Sale Is Very Low
Housing inventory sits far below what is typically considered a balanced market. In fact, according to the National Association of Realtors (NAR), the latest data indicates inventory is hitting an all-time low. Because there’s such a limited supply of homes available for sale, you’re in a unique position when you sell your house to benefit from multiple offers and a quick process.
But you want to do so while buyers are still scooping homes up as fast as sellers list them. Spending time and money on renovations before you sell could mean you’ll miss your crucial window of opportunity. Yet, of course, certain repairs may be necessary. The best way to determine where to spend your time – and your money – is to work with a real estate advisor to confirm which improvements are truly needed and which ones aren’t likely to be deal-breakers for buyers.
2. Buyers May Be Willing To Take on Projects When They Purchase Your House
Today, many buyers realize they may have to take on home improvement projects themselves to get the house they’re after, even if it means putting in a little extra work. A recent survey from Freddie Mac finds that:
. . . nearly two-in-five potential homebuyers would consider purchasing a home requiring renovations.”
So, if more buyers are willing to tackle renovations on their own, it may be wise to let the future homeowners remodel the bathroom or the kitchen to make design decisions for their specific tastes and lifestyle. Depending on the structural condition of your house, you may better spend your efforts working on minor cosmetic updates, like refreshing some paint and power washing the exterior to make sure the home stands out. Instead of over-investing in upgrades, the buyer may change anyway; give me a call so we can determine the key projects to tackle that will give you the greatest return on your investment.
3. Your Agent Will Help You Spotlight the Upgrades You’ve Made
Over the past year, many people made a significant number of renovations to their homes. As a result, the most recent State of Home Spending report finds:
Home improvement spending rose 25% year-over-year to $10,341. Homeowners who invested in home improvement did an average of 3.7 projects, up from 2.7 in 2020, . . .”
With more homeowners taking on more projects in the past 12 months, there’s a good chance you’ve already made updates to your home that could appeal to buyers. If that’s the case, I can help you find ways to highlight those upgrades in your listing.
The same is true for any projects you invest in moving forward. No matter what, before you renovate, contact me to discuss what work you need to do and how to make it as appealing as possible to future buyers. Every home is different, so having this conversation is mission-critical to make sure you make the right moves when selling this season.
Bottom Line
In a sellers’ market like today’s, spending your time and money wisely when you’re getting ready to move is essential. Let’s connect today so you can find out where to target your renovating efforts before you list.
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