How Renovating Your Home Can Speed Up the Sale

If you're considering selling your house, it's important to know that buyers are prepared to pay today's high prices. However, they prefer homes that are move-in ready. According to a recent press release from Redfin:

"Buyers are still in the market and ready to pay today's high prices, but only for houses in excellent condition. They aren't interested in spending additional money on paint or new appliances."

It’s understandable when you consider the high costs buyers are facing in today's market. They may not have the budget for upgrades after purchasing a home. As a result, if your house is outdated or requires repairs, buyers might overlook it or propose a lower offer than you expected.

Currently, many homes are in need of upgrades, with millions entering their prime remodel years, typically between 20 and 39 years old. Your home might be among them. According to John Burns Research and Consulting (JBRC), the number of homes in their prime remodel years is both significant and increasing (see graph below):

If your home falls into this category, it's essential to consider making targeted updates to attract buyers and expedite the sale. But how do you determine where to invest your time and money?

Why Hiring a Real Estate Agent is Essential

By collaborating with a local real estate agent to plan your improvements strategically, you can ensure you're making a wise investment. In short, not all upgrades are worth the expense. As Bankrate puts it:

"Before investing in expensive upgrades, ensure that the changes will provide a high return on investment. For instance, installing new granite countertops doesn't make sense if you're only going to break even or potentially lose money."

And, as elaborated in the same Bankrate article, this is where a local real estate agent can provide valuable guidance.

". . . a skilled real estate agent understands local buyer expectations and can assist you in determining necessary versus unnecessary improvements."

Your agent understands the preferences of local buyers and their willingness to pay for specific features. Collaborating with them helps you avoid investing in upgrades that won't yield returns. Instead, they will advise you on enhancements that enhance your home's appeal and value.

Bottom Line

Selling a house in the current market goes beyond simply erecting a For Sale sign. Ensuring it's in top condition is crucial to attracting buyers willing to pay current high prices.

To achieve this, focus on strategic improvements that offer optimal return on investment. Collaborate with a local real estate agent to understand buyer preferences and identify necessary enhancements before listing your home for sale.