In today’s real estate market, with limited inventory, higher interest rates, across the board inflation and a shortage of affordable housing options; today’s buyers are picky, picky, picky!! So while there may not be as many homes for them to choose from, a savvy seller needs to realize that today’s buyers are demanding more from the homes they are willing to put an offer on. You can’t just throw it on the market and hope for the best; you need to make your house irresistible.
Curbio, Inc. (a company that helps sellers make renovations and updates prior to listing) recently released their “Preparing to Sell: 2022 Home Improvement Report,” and it’s got some eye-opening insights. Let’s dive in and discover why sprucing up your home is a must.
Meeting the Demands of Choosy Buyers
According to the report, a whopping 77% of buyers won’t even take a second look at a home that isn’t move-in ready. Yeah, you heard that right! That means that sellers who neglect necessary repairs and updates risk losing a significant portion of potential buyers. According to Curbio’s report, 67% of potential buyers are all about updated features and snazzy layouts. And here’s the kicker: 68% of them won’t touch a home in disrepair with visible wear and tear. Ouch! It’s time to realize that buyers want homes that are ready to roll. And who can blame them? Housing (and everything else for that matter) is more expensive than ever and with budgets being squeezed to the max, the last thing buyers want is to have to take on the expenses and hassle of addressing the deferred maintenance projects that the previous owners ignored.
But The Good News Is:
So while the days of just throwing any house on the market into a feeding frenzy of desperate buyers is over…there is some good news for sellers looking to get their house market ready. Refreshes of key areas (kitchens, bathrooms, etc.) are getting more bang for your buck than total renovations. So while some work is necessary, it doesn’t have to break the bank. And if funds are limited prior to closing, I work with some great companies (like Curbio) to help you get those repairs completed and paid for with proceeds at closing time.
Here are the top projects that bring in the biggest return:
- Kitchen Refresh: Jazzing up your kitchen with upgraded appliances, snazzy hardware, painting those cabinets and some fresh countertops and flooring can give you a jaw-dropping return on investment of 377%!! That’s like turning a $15K investment into an extra $71,550 in your pocket! Cha-ching!
- Refinishing Hardwood Floors: Are your floors looking a bit sad? Fear not! By giving them a facelift, you can expect a stellar return of 348%. Who knew shiny floors could make such a difference?
- Basic Listing Prep: Don’t overlook the small stuff! Those minor fixes and interior electrical updates can lead to a return of 297%. It’s all about the little things that make a big impact! A well maintained home has a TON of value for the pickiest of buyers.
- New Carpeting: Out with the old, and in with the new! Replacing worn out and stained carpeting can give you a solid return of 280%! Plus, your toes will thank you for the plush upgrade.
Have questions as to which projects you should tackle whether you are selling or just want a refresh for you and your family to enjoy and want an opinion on selections? Call me any time, I’m happy to help you weigh your options and let you know what trends I’m seeing in the market today.
I'm Jenn and I love helping buyers and sellers achieve their real estate goals and find the perfect HOME for their unique situations. I also work hard to make sure my clients are educated about the process, their options and responsibilities so they can make well informed decisions before, during and after buying their home!
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