If you're planning to sell this year, you're probably
thinking about what you'll need 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 there are a few
things you should consider when deciding what to renovate and update before
listing this season. Here are three things to keep top of mind as you're making
your list of projects to tackle this year.
Number of Homes for Sale Is Very Low
inventory sits far below what is normally
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.
you want to do so while buyers are still scooping homes up as fast as they're
being listed. Spending time and money on renovations before you sell could mean
you'll miss your key window of opportunity. Of course, certain repairs may be
important or even 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.
Buyers May Be Willing To Take on Projects When They Purchase Your House
many buyers are more willing 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.
If more buyers are
willing to tackle repairs on their own, it may be wise to let the future
homeowners remodel the bathroom or the kitchen to make design decisions that
are best for their specific taste and lifestyle. Depending on the structural
condition of your house, your efforts may be better spent working on small
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, work with a real estate professional to determine the key
projects to tackle that will give you the greatest return on your investment.
Agent Will Help You Spotlight the Upgrades You've Made
Over the past year, many people made a significant number of
updates to their homes. 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, your real estate advisor will
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 a local real estate
professional for expert advice on what work needs to be done and how to make
it as appealing as possible to future buyers. Every home is different, so a
conversation with your agent is mission-critical to make sure you make the
right moves when selling this season.
In a sellers' market like today's, it's important to spend
your time and money wisely when you're getting ready to move. Let's connect
today so you can find out where to target your efforts before you list. Contact
me at (904) 274-1692 to get started.