In today’s shifting market, sellers need not be caught off-guard, wondering if there is anything they should or could have done to make their home stand out over the other homes they will be competing with in today’s market. Are there any possible renovations to tackle, in an effort to gain them the most value?
Speaking with a trusted real estate advisor can help you think through today’s market conditions and how it can impact what you should or shouldn’t do before you decide to place your house on the market.
Here are some things to consider …
What you need to know about your local market
Since the number of homes have increased over same time last year, buyers have more homes to choose from. With that in mind, you can no longer ignore those repairs of cosmetic updates that you may have been able to do over the months, or year/s past. Making those selective updates & upgrades will make your home more attractive to the buyers out there today.
Don’t get me wrong … it is still a seller’s market, inventory is still low, but we talked about what makes it a seller’s market – “supply and demand”. Since the amount of inventory coming on the market is increasing – the percentage of homes coming on the market to satisfy buyer demand is narrowing – thus is why sellers will need to add value to the home, in order to make the home more appealing to buyer, or price the home accordingly if need be. It may be possible that the home will stand on its own without these renovations due to some determining factors, such as inventory, location, buyer pool etc. These are things to discuss with your trusted real estate advisor.
What you should know before considering any renovations
I’m sure you all have heard the old real estate expression … “First impressions matter!! Still stands true today, so keep that in mind. In addition to making that “first good impression” look to the following if you are considering any renovations – to decide if any will make sense to you given your individual circumstances. According to the 2022 Remodeling Impact Report from the National Association of Realtors (NAR), here are some of the projects that could net you the best return when you sell your house.
As you can see from the report – refinishing hardwood floors in 2022 gain the most rate of return standing at a whopping 147%, installing new hardwood floor just behind at 118% … interesting. The least, still standing at a high of 82% is vinyl siding. Click the link above (2022 Remodeling Impact Report) to read the full report.
To get started …
As an agent and knowing the real estate market … we will do a “first walk-through” together at our initial consultation, to determine what, if anything … you may want to consider in order to make your home stand out over your competition. Having the reliable resources and recommendations to help provide those renovations and getting those estimates/proposals should you choose to go ahead … is key. Then, looking at your budget, and the potential value-gain in doing these renovations will certainly factor in on your decision as to how to move forward with these renovations. If you are not up for the challenge, or it is not in your budget, pricing your home accordingly, to let the new home buyer take on the task is certainly an option as well.
Helping buyers & sellers achieve their real estate goals