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The Best Use of Time (and Money) When It Comes to Renovations

The Best Use of Time (and Money) When It Comes to Renovations | Simplifying The Market

In the current sellers market, many homeowners wonder what, if anything, needs to be remodeled before they list their house. Thats where a trusted real estate professional comes in. They can help you think through todays market conditions and how they impact what you should and shouldnt renovate before selling.

Here are some considerations a professional will guide you through:

1. With current supply challenges, buyers may be willing to take on projects of their own.

A more balanced market typically sees a 6-month supply of homes for sale. Above that, and were in a buyers market. Below that, and were in a sellers market. According to a recent report by the National Association of Realtors (NAR), our current supply of homes for sale, while rising, still remains solidly in sellers market territory:

Unsold inventory sits at a 2.6-month supply at the current sales pace, modestly up from Mays 2.5-month supply but down from 3.9 months in June 2020.

So, whats that mean for you? If youre a seller trying to decide whether or not to renovate, this is especially important because its indicative of buyer behavior. When there arent enough homes for sale, buyers may be more willing to purchase a home that doesnt meet all their needs and renovate it themselves later.

2. Not all renovation projects are equal.

You dont want to spend time and money on a project that isnt worth the cost or is too niche design-wise for some homebuyers. According to an article by, basing home updates on whats trendy right now can be a costly mistake:

The last thing you as a homeowner want to do is center your home design around a passing fad even worse, one thats design quality wont last a good while.

Before making any decisions, talk to your real estate advisor. They have insight into what other sellers are doing before listing their homes and how buyers are reacting to those upgrades. Dont spend the time and money to be trendy if your buyer wants to upgrade to the newest fad later, they can.

3. If youve already made upgrades this past year, your agent can help spotlight them.

If you have already completed some renovations on your house, youre not alone. The pandemic kept people at home last year, and during that time, many homeowners completed some home improvement projects. HomeAdvisors 2021 State of Home Spending Report found:

35% of households that completed an improvement project undertook some type of interior painting, while 31% completed a bathroom remodel and 26% installed new flooring.

Let your real estate professional know if you fall in this category. They can highlight any recent upgrades youve made in your houses listing.

Bottom Line

When it comes to renovations, your return-on-investment should be top of mind. Lets connect today to talk through any upgrades youve already made and to find out what you should prioritize before you sell to maximize your houses potential.

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