Home renovation before you sell?
Now is a great time to sell. NOW! But you might feel your home needs some updates before you put it on the market. Not so fast. With so many buyers competing for so few homes, renovations may not be as important as they would be in a more typical market. Here are two things to keep in mind if you’re thinking of selling right now.
1. There aren’t enough homes for sale now.
A typical market has a 6-month supply of houses for sale, but today’s housing inventory sits far below that mark. According to the National Association of Realtors (NAR), there’s less than a 2 month supply of homes available. As a result, buyer competition is high and homes often receive multiple offers.
In today's competitive market, it makes sense to sell your house now. Spending costly time and money on renovations before you sell might mean you’ll miss your window of opportunity. While certain repairs on your house may be necessary, your best bet right now is to work with a real estate agent to determine which improvements are truly necessary. Old carpet can easily be replaced by the new homeowners while a leaking roof or non-working air conditioner could be a deal breaker.
Since buyers are grabbing homes up as fast as they’re put on the market, many buyers are more willing to take on home improvement projects themselves in order to get into the home they want.
So it mmight be better for you to let future homeowners tackle larger remodel projects like the kitchen so they can customize to their specific taste. As a seller, your time and money are probably better spent working on small cosmetic updates, like paint and landscaping.
2. Focus on you return on investment
When planning any large renovation project, you and your real estate agent will want 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 But in today's market you can probably sell with outdated cabinets. You might be surprised by how well your house could fair in today’s sellers’ market. Want to know what your home is worth, call today for a free home evaluation: 813-541-5320
Ideally, homeowners preparing to sell should try to avoid over-investing in big renovations if they won’t make that money back when they sell. Give us a call to see if putting your house on the market “as-is” will help you sell quickly.
Give us a call to get a FREE home evaluation including any recommended renovations before you list your home.