If you plan to sell this year, you are probably thinking about what you will need to do to get your home ready to attract the most buyers. It is crucial to work with a reliable real estate professional who knows the local market to get your home ready for sale. However, there are a few things you should consider when deciding what to keep and what to upgrade before you advertise this season. Here are three things to keep in mind when making your list of projects to tackle this year.
1. The number of houses for sale is very low
The stock is far below what is normally considered a balanced market. In fact, according to the National Association of Realtors ( National Association of Realtors - NAR), the most recent data indicates that the stock is at an all-time low. Because there is a limited supply of homes available for sale, you are in a unique position when selling your home, with a scenario of many offers and a fast process.
But you want to do this while buyers are still snapping up homes as fast as they are being listed. Spending time and money on renovations before you sell could mean that you will miss your main window of opportunity. Sure, certain repairs may be important or even necessary. The best way to determine where to spend your time and money is to work with a real estate consultant to confirm which improvements are really necessary and which are unlikely to be decisive for buyers.
2. Buyers may be willing to take on projects when they buy their home
Today, many buyers are more willing to take on home improvement projects to get the home they are looking for, even if it means putting in a little extra work. A recent survey from Freddie Mac found that:
". . . about two out of five potential buyers considered buying a home requiring renovations."
If more buyers are willing to do the repairs themselves, it may be wise to let future homeowners remodel the bathroom or kitchen to make design decisions that are best for their specific taste and lifestyle. Depending on the structural condition of your home, your efforts may be better spent working on small cosmetic updates, such as refreshing some paint and washing the exterior to ensure the home stands out. Rather than over-investing in updates that the buyer can change anyway, work with a real estate professional to determine the major projects to tackle that will give you the greatest return on your investment.
3. Your agent will help you highlight the updates you have made
In the past year, many people have made a significant number of upgrades to their homes. The most recent report from the State of Home Spending concludes:
"Home improvement spending increased 25% year over year, to US$ 10,341. Homeowners who invested in home improvement did an average of 3.7 projects, up from 2.7 in 2020..."
With more homeowners taking on more projects in the last 12 months, there's a good chance you've already made updates to your home that might attract buyers. If that's the case, your real estate consultant will find ways to highlight these updates in your listing.
The same goes for any project you invest in in the future. No matter what, before you remodel, contact a local real estate professional for expert advice on the work that needs to be done and how to make it as attractive as possible to future buyers. Every home is different, so a conversation with your agent is essential to ensure you make the right moves when selling this season.
In a seller's market like today's, it's important to spend your time and money wisely when you're preparing to move. Let's connect today so you can figure out where to target your efforts before you list.
Are you in doubt?
Now that you know that it might be a good time to sell your house, we can help you understand the behavior of the real estate market and take advantage of the high demand in the real estate market. To take advantage of all the tips we have brought to you and go even deeper, you can talk directly to our relationship agents. They are always happy to talk to you with questions about investing in Florida.
In this text we talk about some tips for selling a property. If you want to read more content like the one we brought in this article, just stay tuned here on our blog.
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