Things Sellers Need to Know Before Renovating This 2022
If you’re considering selling this year, you’re probably thinking about what to do to get your home ready to appeal to most of the buyers. Working with a real estate professional who knows your market to get your home ready to sell will be crucial in this process. This listing season, there are a few things you should consider when deciding what to renovate in your home this year. Here are the three things you have to keep in mind when making a list of projects for you to work on this year.
1. Housing Inventory is Very Low
The housing inventory sits far below that what is normally considered in a balanced market. According to the National Association of Realtors (NAR), the latest data indicates the inventory is hitting an all-time low. You’ll be in a unique position when you sell your home because of the limited supply of homes available. You can benefit from multiple offers and a quick process because of that.
You will want to do so while buyers are still scooping homes up as fast as they’re being listed. You can miss your key window of opportunity when you spend time and money on renovations before you could sell. Certain repairs may be important or even necessary. To ensure and determined where to spend your time and money next, work with a real estate advisor to confirm which improvements are needed for your home and aren’t buyer dealbreakers.
2. Buyers Can Take on Projects
There are some buyers that are more willing to take on home improvement projects to get the house they’re after, even if it means putting in a little extra work. A recent survey from Freddie Mac finds that nearly 2 in 5 potential homebuyers would consider purchasing a home requiring renovations.
It can be wise to let future homeowners remodel the areas of the home and make design decisions that will suit their tastes and style. Your efforts may be spent better working on some small cosmetic updates like refreshing some paint and power washing the exterior of your home. Instead of investing in upgrades, the buyer may change anyway. Your real estate advisor can help determine the key projects in your home that will give the greatest ROI.
3. Consult With a Professional
There are many people that have made a significant number of updates to their homes over the past year. A recent report from the State of Home Spending finds that home improvement spending rose 25% year-over-year to $10,341. Homeowners who invested in home improvement did an average of 3.7 projects, up from 2.7 in 2020. There is a good chance you’ve already made updates to your home that could appeal to buyers with homeowners that are taking on more projects in the past 12 months. Your real estate advisor will find ways to highlight those upgrades in your listing.
This is similar to any project you invest in moving forward. It’s always important to keep in mind that before you renovate, contact a local real estate professional for expert advice.
If your home is located in Nashville and Middle Tennesee, send me a message at [email protected] or give me a call at (615) 930-0313. Every home is different so a conversation with your agent is mission-critical to make sure you make the right moves when selling this season.