To Renovate or Not to Renovate?
When thinking about selling, homeowners often feel they need to get their house ready with some remodeling to make it more appealing to buyers. But with so many buyers competing for the three available homes right now (okay, I’m being dramatic, but you get it.), 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.
1. There aren’t enough homes for sale right now.
A normal market has a 6-month supply of houses for sale, but right now we have less than 1.3 month’s supply. As a result, buyer competition is high and homes are only on the market for a handful of days and often receive multiple offers.
In this market, it may be wise to let future homeowners remodel the bathroom or the kitchen to make design decisions that are best for their specific taste and lifestyle. As a seller, your dollars and time might be better spent working on small cosmetic updates, like refreshing some paint and power washing the exterior. Instead of over-investing in your home with upgrades that the buyers may change anyway, work with a real estate professional to determine the key projects that will maximize your listing, without overdoing it.
2. Focus on getting a good return on your investment.
When planning any bigger projects to tackle, let’s 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 sellers’ market.
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.
Bottom Line
We’re in a strong sellers’ market, and that means you have the leverage to sell your house on your terms.
Let’s connect today to determine if renovating is really the best way to spend your time and money before you sell.
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