When thinking about selling, homeowners often feel they need to get their house ready with some remodeling to make it more appealing to buyers. However, with so many buyers competing for available homes right now, renovations may not be as necessary as they would be in a more normal market. Here are two things to keep in mind if you’re thinking of selling this season.
There aren’t enough homes for sale right now.
A normal market has a 6-month supply of houses for sale, but today’s housing inventory is much lower. According to the National Association of Realtors (NAR), there’s only a 1.9-month supply of homes available today. As a result, buyer competition is high and homes are only on the market for about 15 days here in Hampton Roads, during which time many receive multiple offers from hopeful buyers.
In a competitive market that’s moving so quickly, it makes sense to sell your house when buyers are scooping homes up as fast as they’re being listed. Spending costly time and money on renovations before you sell might just mean you’ll miss your key window of opportunity. While certain repairs on your house may be important, your best move right now is to work with a trusted REALTOR® to determine which improvements are truly necessary, and which ones are not likely to be deal-breakers for buyers.
Today, many buyers are more willing to take on home improvement projects themselves in order to get the home they’re after, even if it means putting in a little extra work.
As a seller, You might spend a lot of time and money deciding on just the right color for the family room, only to have a buyer want to paint it a different color. If you are going to paint, make sure you choose a neutral color.
Your dollars and time might be better spent working on small cosmetic updates and power washing the exterior.
Get a good return on your investment.
When planning any bigger projects to tackle, you and your REALTOR® will want to discuss the potential return on your investment and if those projects are worth the cost. Some homes do need a kitchen or bathroom renovation, roof repairs, or other major work, but definitely not all of them. You might be surprised by how well your house could fair in today’s sellers’ market.
Before you renovate, contact a local Rose & Womble real estate professional to see if it’s the best course of action. You may find out that putting your house on the market as-is will help you sell quickly, and it may result in the best return on your investment. Every home is different, but a conversation with your agent is critical to make sure you make the right moves when selling this season.
Bottom Line
Hampton Roads is experiencing a strong sellers’ market, and that means you have the leverage to sell your house on your terms. Talk with a local Rose & Womble real estate professional today to determine if renovating is really the best way to spend your time and money before you sell.