If you’re planning to sell this year, you’re probably thinking about what home renovations are needed in order to appeal to the most buyers. It’s important to work with an experienced real estate professional who knows your local market to get your home ready to sell. Any of our agents here at Corken + Company will know exactly what you need. But there are a few things you should consider when deciding what to renovate and update even before listing this season. Here are three things to keep in mind as you’re determining your projects this year.
1. The Number of Homes for Sale Is Low
Housing inventory sits way below what is considered a normally balanced market. In fact, data from the National Association of Realtors (NAR), indicates inventory at an all-time low. Since there’s such a limited number homes available, you’re in a strong position when you sell your house. This could allow you to benefit from multiple offers and a quick process.
You’ll want to do this while buyers are buying homes as fast as they’re being listed. Spending time and money on renovations before you sell could cause you to miss your opportunity. Of course, certain repairs may be important or even necessary. The best way to determine how to spend your time – and your money – is to work with a real estate advisor. They can help you confirm which improvements needed and which ones aren’t likely to make a difference to buyers.
2. Buyers May Be Willing To Make Their Own Improvements
Today, buyers may be willing to take on home improvement projects themselves after buying, in order to get the home they want, 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 make repairs on their own to more match their taste and lifestyle, it may be wise to let them remodel after they buy your home. Depending on the condition of the structure of your house, your efforts may be better spent on little cosmetic updates here and there, like a refresh on paint. Instead of over-investing in upgrades, the buyer may end up changing, work with a real estate professional to determine the key projects to tackle.
3. Your Agent Will Help You Highlight the Upgrades You’ve Already Made
Many people made a significant number of updates to their homes over the past year. 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, . . .”
There’s a good chance you’ve already made updates to your home that will appeal to buyers. 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.
Ultimately, in today’s sellers’ market, it’s important to spend your time and money wisely when you’re getting ready to move. Work with a trusted advisor here at Corken + Company to find out where to target your efforts before you list!
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