In a market that’s shifting as fast as it is today, many homeowners wonder what, if anything, needs to be renovated before they sell their house. That’s where a trusted real estate professional, like Brick & Corbett, comes in. We can help you think through today’s market conditions and how they impact what you should – and shouldn’t – do before selling your house.
Here are some considerations a professional could guide you through.
What You Need To Know About Your Local Market
Since the supply of homes for sale has increased so much this year, today’s buyers have more options than they had last year. That may mean you’re not able to ignore some of those repairs or cosmetic updates you could have skipped in previous months. As a recent article from realtor.com says:
“To stand out in the market, sellers should make their home attractive to buyers, which usually means some selective updates.”
The key word here is selective. Since it’s still a sellers’ market, focusing on a few key areas may be enough to make your house stand out from other options. And since inventory is still low overall, it’s also possible buyers may be willing to handle the renovations themselves once they move in. It all depends on buyer demand and the available inventory locally. For the inside scoop on what’s happening in your market and what to do to make your house shine above the competition and show well, lean on a professional.
Not All Renovation Projects Are Equal
In addition to making sure your house makes a good first impression, you’ll also want to consider the return on your investment (ROI) for any renovations. According to the 2022 Remodeling Impact Report from the National Association of Realtors (NAR), here are the projects that could net you the best return when you sell your house (see visual below):
As Dr. Jessica Lautz, Vice President of Demographics and Behavioral Insights for NAR, explains:
“This year, the winner was hardwood flooring. Hardwood floor refinishing and putting in new wood flooring had the most significant value, . . .”
By contrast, many sellers try to tackle a huge kitchen or bath renovation, assuming that it will pay for itself at the closing table, but oftentimes large projects end up losing sellers valuable time and money in the end. According to the same report, here are the projects that could offer less of a return when you sell your house (see visual below):
Again, your real estate advisor is always your best resource. When your agent comes to your house for a walk-thru and consultation, they’ll use their expertise to offer any insight into what you may need to repair, replace, or refinish. They also know what other sellers are doing before listing their homes and how buyers are reacting to those upgrades to help steer you in the right direction.
How To Draw Buyer Attention to the Upgrades You’ve Made
Make a list of any projects you’ve already completed, and for those you plan to do before listing, make sure your real estate professional knows before you begin. They’re not just an advisor to help you decide where to focus your efforts, they’re also skilled at highlighting any upgrades in your listing. That way, potential buyers know about the features that may help sell them on the house.
In today’s shifting market, it’s important to spend your time and money wisely when you’re getting ready to move. Every home is different, so a conversation with your agent is mission-critical to make sure you take the critical steps when selling this season. Let’s connect to find out where to focus your efforts before you sell.