Last updated on August 1, 2024
A move-in ready home is highly desirable and tops most buyers' wish lists. However, if your home needs a lot of TLC, you may be wondering what your options are when it comes time to sell. Should you offer discounts on your home or invest time, energy, and/or money into updating certain spaces before listing it for sale? In today's post, we'll examine your options, taking into account the conditions of the real estate market right now.
The homes on the market today fall into one of two groups
Right now, there are two groups in terms of homes that are on the market.
In the first group, we have houses with fair prices and in good or excellent condition. These houses sell in an average of 10 days.
In the second group, there are homes that are not priced fairly and are not in good condition, and these homes sit on the market for 60 to 70 days and often sell after one or two price reductions.
Are sellers offering concessions for homes that aren't move-in ready?
In reality, we don't see many concessions for cosmetic improvements. Our real estate agents advise clients to price homes correctly from the start, meaning that the price reflects the state of the work needed.
We are seeing more concessions being made on closing costs than recently, but that is generally to cover necessary repairs to a home.
Does it make sense to improve my home before putting it up for sale?
Our agents get this question very often and unfortunately there is no clear answer. Generally, the houses that are in the best condition are the ones that sell for much more than the asking price.
However, the types of updates or repairs are different for every home, and the best thing you can do is contact your real estate agent many months before you plan to list your home to start a conversation about how to maximize the value of your home.
Our agents offer a Physical startwhere you will be given a rough estimate of the value of your home in relation to the current market, as well as recommendations for repairs or improvements that will give you a return when you sell it.
For example, many homeowners are surprised to discover that a large-scale kitchen or bathroom remodel doesn't make sense in terms of recouping their money years from now when they sell.
Minor improvements to the kitchen or bathroom often pay off better than investing a lot of money in those areas. Exterior improvements are also always a good idea and often pay for themselves when the house is sold. It's never a bad idea to replace an old entry or garage door.
Of course, there are always exceptions to the rule in terms of what you should or shouldn't upgrade, and these vary by area and even by neighborhood, so you should always contact a real estate agent who specializes in your general area first.
Keepp reading: 14 items you shouldn't renovate before selling
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