When thinking about selling, homeowners often feel they need to get their house ready with some remodeling to make it more appealing to buyers. However; with so many buyers competing for available homes right now, renovations may not be as vital as they would be in a more normal market. Here are two things to keep in mind if you’re thinking of selling this season.
There aren't enough homes for sale right now.
A normal market has a 6-month supply of houses for sale, but today’s housing inventory sits far below that benchmark. As of today there is a 3 week supply of homes.
In a competitive market that’s moving so quickly, it makes sense to sell your house when buyers are scooping homes up as fast as they’re being listed. Spending costly time and money on renovations before you sell might just mean you’ll miss your key window of opportunity. While certain repairs on your house may be important, your best move right now maybe to consult with a real estate advisor like myself to determine which improvements are truly necessary, and which ones are not likely to be deal-breakers for buyers.
Today, many buyers are more willing to take on home improvement projects themselves in order to get the home they’re after, even if it means putting in a little extra work.
I won’t bore you with all the positive statistics from Home Advisor but the average homeowner spent over $130,000 on home services last year. If that’s not enough drive through the parking lot of your neighborhood home depot or Lowe’s this weekend.
One focus In selling is getting a good return on your investment.
When planning any bigger projects to tackle, reach out for a complimentary consultation to discuss the potential return on your investment and if those projects are worth the cost. Some homes do need a kitchen or bathroom renovation, roof repairs, or other major work, but definitely not all of them. You might be surprised by how well your house could fair in today’s seller’s market.
In the 2020 Cost vs. Value report shows a large increase in costs for the 22 most common remodeling projects but a consistent dip in the perceived value of those projects at the time of home sale,
Ideally, homeowners getting ready to move should try to avoid over-investing in big renovations if they won’t make that money back when they sell their house.
Before you renovate, get in touch to see if it’s the best course of action. You may find out that putting your house on the market as-is will help you sell quickly, and it may result in the best return on your investment. Every home is different, but a conversation could save you time and money and help you make the right moves when selling this season.
Remember we’re in a strong sellers’ market, and that means you have the leverage to sell your house on your terms. Have questions? Let’s connect today to determine if renovating is really the best way to spend your time and money before you sell.
