In the current sellers’ market (yep, still!) many homeowners wonder what, if anything, needs to be done before they list their house for sale.
That’s where a trusted real estate professional comes in. They (me!) can help you think through today’s market conditions and how they impact what you should – and shouldn’t – renovate before selling.
Here are some considerations to guide you through:
1. With current supply challenges, buyers may be willing to take on projects of their own.
A more balanced market typically sees a 6-month supply of homes for sale. Above that, and we’re in a buyers’ market. Below that, and we’re in a sellers’ market. We are 100% still very much in a sellers market - and it looks likely to continue that way for the rest of this year at least.
So, what does that mean for you? If you’re a seller trying to decide whether or not to renovate, this is especially important because it’s indicative of buyer behavior. When there aren’t enough homes for sale, buyers may be more willing to purchase a home that doesn’t meet all their needs and renovate it themselves later.
2. Not all renovation projects are equal.
You don’t want to spend time and money on a project that isn’t worth the cost or is too niche design-wise for some homebuyers. According to an article by Renofi.com, basing home updates on what’s trendy right now can be a costly mistake:
“The last thing you as a homeowner want to do is center your home design around a passing fad – even worse, one that design quality won’t last a good while.”
Example - those apricot and forest green kitchens from the early 2000’s haven’t aged well - at all!
Before making any decisions, talk to your real estate advisor,me.
I have insight into what other sellers are doing before listing their homes and how buyers are reacting to those upgrades. Don’t spend the time and money to be trendy – if your buyer wants to upgrade to the newest fad later, they can.
3. If you’ve already made upgrades this past year, your agent can help spotlight them.
If you have already completed some renovations on your house, you’re not alone. The pandemic kept people at home last year, and during that time, many homeowners completed some home improvement projects. HomeAdvisor’s 2021 State of Home Spending Report found:
“35% of households that completed an improvement project undertook some type of interior painting, while 31% completed a bathroom renovationl and 26% installed new flooring.”
Let your real estate professional know if you’ve done anything in the past 12-18 months.
It might be that we highlight any recent upgrades you’ve made in your house’s listing description.
When it comes to renovations, your return-on-investment should be top of mind. Talk with your local real estate professional to find out what projects you should prioritize before you sell and how to highlight your upgrades to maximize your house’s potential.
If you’d like to discuss your recent renovations and what it could do for your home sale, then let’s chat. I’ll bring the coffee…
Helpful and interesting info from Paul, and Harcourts to help you with your property journey.