The Best Use Of Time (and Money) When It Comes To Renovations
August 17 2021
In the current sellers’ market, many homeowners wonder what, if anything, needs to be remodeled before they list their house. That’s where a trusted real estate professional such as myself, comes in. I can help you think through today’s market conditions and how they impact what you should – and shouldn’t – renovate before selling.
Here are some considerations a professional will guide you through:
1. With current supply challenges, buyers may be willing to take on projects of their own.
A more balanced market typically sees a 6-month supply of homes for sale. Above that, and we’re in a buyers’ market. Below that, and we’re in a sellers’ market. According to a recent report by the National Association of Realtors (NAR), our current supply of homes for sale, while rising, still remains solidly in sellers’ market territory.
So, what’s that mean for you? If you’re a seller trying to decide whether or not to renovate, this is especially important because it’s indicative of buyer behavior. When there aren’t enough homes for sale, buyers may be more willing to purchase a home that doesn’t meet all their needs and renovate it themselves later.
2. Not all renovation projects are equal.
You don’t want to spend time and money on a project that isn’t worth the cost or is too niche design-wise for some homebuyers. In other words basing home updates on what’s trendy right now can be a costly mistake.
Before making any decisions, talk to your real estate advisor. We have insight into what other sellers are doing before listing their homes and how buyers are reacting to those upgrades. Don’t spend the time and money to be trendy – if your buyer wants to upgrade to the newest fad later, they can.
3. If you’ve already made upgrades this past year, your agent can help spotlight them.
If you have already completed some renovations on your house, you’re not alone. The pandemic kept people at home last year, and during that time, many homeowners completed some home improvement projects. HomeAdvisor’s 2021 State of Home Spending Report found:
“35% of households that completed an improvement project undertook some type of interior painting, while 31% completed a bathroom remodel and 26% installed new flooring.”
Let your real estate professional know if you fall in this category. We can highlight any recent upgrades you’ve made in your house’s listing.
The Bottom Line:
When it comes to renovations, your return-on-investment should be top of mind.Give me a call to find out what projects you should prioritize before you sell and how to highlight your upgrades to maximize your house’s potential. Remember, Conversation is Free, Knowledge is Priceless!
Christopher Breceda REALTOR®
Analyst and Founder of New Life West Vegas ERA Brokers Consolidated - Distinctive Properties Agent
Mobile (760) 613-4788