There is no question that the housing market is on fire right now. This has many people contemplating whether they should get in on the action and put their homes on the market.
One question that comes up quite often is: should I renovate my home before listing it for sale? And it’s a good question, but there are several different considerations, so answering this question isn’t an exact science. Here are some considerations to keep in mind!
Historically, many homeowners have felt compelled to renovate their homes before listing them in order to stand out to prospective buyers. But today’s home market is so competitive that this probably won’t play a role in your decision. Whereas a six-month supply of homes is considered “normal,” right now, there is only a 1.9-month supply of homes on the market today, according to the National Association of Realtors (NAR).
That means that buyers have far less to choose from when they are home shopping, and they are competing with several other potential buyers when they are submitting offers. Since inventory is so low right now, you may not need to tackle a home improvement project at all.
Focus On Certain Repairs
It may be necessary to complete certain more minor repairs on your home before listing it for sale. But right now, extensive renovations can eat up time that your home could otherwise spend on the market.
If you have been thinking about selling your home, but aren’t sure what changes to make, please contact me for a consultation! I can help you figure out which (if any) improvements would be worthwhile to potential buyers and which ones you can skip.
Save Your Money
Holding off on renovations can also be beneficial to buyers who have a very specific taste. Consider this: you remodel the kitchen or a master bathroom with what you think buyers want, only to learn later that the buyers plan to make changes anyway. Look for places you can save money but still make an impact, like a fresh coat of interior paint or pressure washing the exterior.
Return On Investment Is Key
This is another area where an experienced real estate agent will be your best friend. They can help you determine which home improvement projects will have a better ROI (return on investment) for you. Some projects just aren’t worth the cost (and time) involved. On the other hand, some homes stand to benefit from a renovation before they are brought to market. Leverage your relationship; I love discussing home renovation projects with my clients to help guide them down the best path.
Melody Smith & Associates is a longtime leading broker associate in South Orange County, known for super service, and is in the top 1% of 1% of agents in the country. Please contact us for all of your real estate needs.