Currently, the housing market is most definitely considered a seller’s market. That means that demand for houses far outweighs supply– so every great house most likely has multiple people interested in making offers on it!
However, that doesn’t usually mean that people will purchase anything. If you’re starting to think about selling your home, you should be aware of current trends that homebuyers are looking for– and be sure to fix or address any potential red flags.
What should I fix when I renovate my home?
Doing your homework is imperative at this early phase of the selling process. The projects that might seem very important to you could have little to no impact on whether a buyer is interested in the home or not!
In order to increase the sale value of your home, and get buyers’ attention, you should focus on specific projects consistent with what current homebuyers are looking for.
What are homebuyers looking for?
In general, it’s safe to assume that homebuyers are looking for fresh, modern, updated-looking spaces. This doesn’t mean sinking all your money into a complete remodel, but it could mean a fresh coat of paint or the addition of some shelving.
One major motivating factor for homebuyers right now is the presence of a laundry room. Even if your home doesn’t have a dedicated room for laundry, you can spruce up your laundry area by adding storage or updating the lighting.
Another major feature that homebuyers want: energy-efficiency! If your home has very old, drafty windows and doors, buyers could be turned off by the prospect of massive energy bills.
Although replacing windows and doors can be a major project, it can greatly increase the sale value of your home and leave your buyers happier.
Will a house increase in value if it was remodeled?
There are renovation projects that do tend to go over well with buyers, though, and they don’t always have to be a huge investment.
For example, a study conducted by Zillow concluded that sellers who replace or even just paint their front door a dark color, like black or charcoal, can increase the sale value of their home by up to $6,000.
If your home features wall-to-wall carpet, buyers will probably be much more motivated if you tear out the carpet and either replace it with wood or expose the beautiful hardwood that lurks beneath carpet in many American homes.
Hardwood is a major selling point, particularly for younger buyers!
How do I know what to prioritize in my renovation?
Even if you’re still in the renovation phase and not quite ready to sell your home, it’s best to start working with a real estate agent right away.
Your agent will take a tour of your home and let you know what’s working and what’s not, to help you decide which renovation projects it’s time to tackle.
To connect with an Edge Realty agent and get started today, just send us a message or give us a call!