Should I Renovate My Home In Today's Market Before Listing It?
Are you currently looking to list your property, but are wondering what you need to fix or how much renovation you should do before you list? In today’s market, many sellers wonder how much work they should do before listing and if it is worth it.
The answer to this question is yes and no, depending on what's happening in your local market.
In today’s market, increased inventory has given buyers more options than previous years. This means as a homeowner you may not be able to ignore some updates or repairs that may not have been necessary, or that could have been overlooked in previous months. In a recent article from realtor.com, “To stand out in today’s market, sellers should make their home attractive to buyers which usually means some selective updates.” However, since we are still in a seller’s market, renovating a few key areas in your home may be enough to make your house stand out from the competition. And you will need to consider the return on your investment.
According to the 2022 remodeling impact report from National Association of Realtors, “hardwood flooring refinishing, and putting in new wood flooring, has the most significant value in today’s market.” Also, what’s just as important, is to make sure your real estate agent knows of any upgrades you’ve previously done. That way, they can be properly marketed to make buyers aware of your homes features and improvements. Finally, the best recommendation is to spend your time and money wisely by consulting with a professional agent, to see where the best focus should be.
For years, I have provided local homeowners with a ‘Pre-Market Consultation’. During this 20–30-minute meeting, the homeowner walks me through there home, and points out things that they are considering doing, ahead of selling their home. I am able to quickly determine which improvements, make the most sense, and provide the very best return on their investment. In other words, as I always share with them, if you spend a dollar and get that dollar back, the improvement is very likely not worth doing, however, if you spend a dollar and get a return of ten dollars, well, then that is a worthwhile improvement-and a great return on their investment!
The biggest thing that sellers, in today’s market have to be concerned with, is spending money on home improvements, in a softening market. In other words, if a seller owns a one-million-dollar property, and the seller wants to spend $10K on improvements, and the market drops just one percent, between now, and when the improvements, are completed, and their home goes on the market, they just lost that 10K. So, the right improvements, coupled with the right timing, are the best way to derive the very best outcome. With nearly four decades, of experience, and over 2,200 successful home sales, in all market conditions, I can help you navigate the current market-and derive the very best outcome for you and your family.
Whether you want to sell your existing home, buy your first home, upsize, downsize, purchase a vacation home, or just talk about options, a real estate professional is your best source for information based on current trends in our area. If you're interested in learning more about the 2022 real estate forecast, don't hesitate to reach out - we're happy to help!