If you're contemplating selling your home, it's important to understand that buyers are out there, ready and willing to pay current market prices. However, they're seeking homes that are move-in ready. According to a recent Redfin press release:
“Buyers are still out there and they’re willing to pay today’s high prices, but only if the house is in really good shape. They don’t want to spend extra money on paint or new appliances.”
This is logical when considering the current market conditions. With high home prices, buyers may not have the budget for additional upgrades post-purchase. Therefore, if your home is outdated or requires some work, potential buyers might overlook it or offer less than you anticipated.
Many homes today are in need of upgrades. Millions are between 20 and 39 years old, which are their prime remodel years. Your home might be in this category. John Burns Research and Consulting (JBRC) highlights the growing number of homes in need of updates (see graph below):
If your house is one of these, it's crucial to consider selective updates to make it more appealing and ensure a quicker sale. But how do you determine where to invest your time and money?
Why You Need a Real Estate Agent
Partnering with a local real estate agent can help you strategically decide on the best improvements, ensuring a smart investment. Not all upgrades will give you a good return on investment. As Bankrate explains:
“Before you spend money on costly upgrades, be sure the changes you make will have a high return on investment. It doesn’t make sense to install new granite countertops, for example, if you only stand to break even on them, or even lose money.”
Bankrate further notes the value of a local real estate agent:
“. . . a good real estate agent will know what local buyers expect and can help you decide what needs doing and what doesn’t.”
Your agent will have insight into what buyers in your area desire and what they are willing to pay for. By collaborating, you can avoid unnecessary expenses on non-valuable upgrades and focus on changes that will enhance your home’s appeal and value.
Selling a house in today's market involves more than just listing it. Ensuring your home is in top condition is essential to attract buyers who are prepared to pay current prices.
Making smart improvements that offer the best return on investment is key. Work with a local real estate agent to understand buyer expectations and what your house needs before putting it on the market.