Thinking of selling your home? Home buyers love these home improvements
Home selling tips
I know you may be thinking, with very little inventory in the market right now, why bother thinking about what the seller would need to do to make sure they are attracting buyers. Wrong!! Inventory has already started to pick up, and with spring in just a few days, even more homes will be coming on the market. We may be in a very fiercely competitive market, but homebuyers are still looking at those houses that have some updated home renovations. Maybe it is time you consider finding ways to make your home stand out against the crowd and help your home sell for an even higher price point than you considered. Whenever I take a home buyer out to look at homes, I have noticed the very first thing a home buyer sees is the overall curb appeal. In a blog I wrote in January 2022, Accessories you should never buy for your yard, I mentioned that a home seller really needs to consider making sure that a prospective buyer walks up and into your house and instantly gets a great first impression. A buyer's first impression sets a huge tone for the home buyer's overall experience. When a home seller improves curb appeal, it may be the best thing a homeowner could do to help ensure a home’s marketability. Curb appeal can set an expectation for a buyer, and they are more likely to want to look inside if they like what they are seeing on the outside. Simple things like mowing the lawn before an open house or showing, pulling all the weeds out, and planting some flowers can make a difference. It literally is a first impression, so why not make it look great?
Forbes also gives some great advice on what home buyers drool over...
.....an updated home still tugs at buyers’ heartstrings, selling an average of 30% faster than a home without improvements.
The analysis found that homes with modern renovations sold in an average of eight days, compared to 12 days without improvements. Homes with two or more improvements sold two times faster – in an average of six days.
Preparing your home for sale is essential to capturing the highest offer, fastest. Simple steps like fresh paint before an open house can increase offer amounts by 10% vs. homes with no work done. And with prices averaging over $1,000,000, we’re talking some serious return on investment!
Consider these improvements that home buyers really appreciate
Interior and exterior paint is the most common home improvement with 70% of sellers opting to refresh their walls at an average cost of approximately $3,500. However, prospective buyers crush the most on freshly painted kitchen cabinets, a project that can be completed for $1,319 on average.
Some of the best advice that a real estate agent will give is to remain consistent. Remember that if you plan on painting one room, make sure the rest of the house gets just as much attention by getting a fresh coat of paint as well. Consistency is key! A fresh new coat of paint in both interior and exterior can do wonders for your home’s value. In a blog that I wrote in February 2022, what are some decorating mistakes when listing your home? I mention some color choices that can help sell a home even faster in this real estate market. Avoid bold colors but instead, sticking to neutral colors instead. Blue Oak Painting mentions why you should paint the exterior of your home before you put it on the market,
It’s obvious that an old and unappealing home exterior decreases its value. Not only that, but you’re going to get fewer visits from potential buyers if the paint is peeling or coated in years’ worth of dirt and grime. A new paint job can remedy this, making sure your house is clean and attractive enough to catch the eye of its next owner.
Blue Oak also supports my thoughts on sticking with neutral colors, like using white, light blue, cream, pale grey, and even sage. They also added,
The truth is, the colours themselves can be the difference between your home being sold in a few weeks versus months. As touched on previously, you want a largely neutral colour scheme that reflects ‘warmth’.
Finally, Forbes mentions that,
with supply chain issues and home improvement projects on the rise since the start of the pandemic, lead times for making renovations have increased significantly, something that homeowners should keep in mind if they are thinking about selling this spring. The average time to schedule a renovation is between two to four weeks, and depending on the extent of the home improvement, it could take up to two weeks longer to complete the project.
Simple kitchen and bath improvements are what home shoppers desire the most, according to a new analysis released today by home-buying platform Knock. Although the housing market is fiercely competitive, an updated home still tugs at buyers’ heartstrings, selling an average of 30% faster than a home without improvements. When you’re ready to list your home, your real estate agent will work with our coordinator team to secure any needed home renovations. Payment is deferred until home closing, or 180 days and escrow will deduct costs from net proceeds to pay for services rendered.
Often, home sellers want to make home improvements, but they simply don't have the time or knowledge to go about it. Home Assist can really help!
When is the best time to sell your home?
While there will always be variables such as quality of upgrades, location, and market conditions such as lack of inventory we, are facing a unique situation in 2022.
1) Interest rates are predicted to increase to 3.7% possible by as early as June.
2) Conforming loans also received a huge increase from the 2021 cap of $776,250 up to $891,250. That’s an increase of $115,000 and adds much more buying power early before the interest rate increases.
3) We are also faced with historically low inventory. In fact, inventory has dropped 90% in the past 10 years, and we currently only have a little over 4,000 homes for sale in all of Western Washington, with a population of 5.5 million people. Additionally, we are projected to add upwards of 200,000 more people per year for the next 10 years.
All of this creates a perfect storm for listing early in 2022.
- Frustrated buyers with pent up demand see projections of homes increasing another 18 to 20% for 2022.
- Increased buying power of $115,000 for conforming loan limits.
- Pressure to buy NOW while rates remain closer to 3%.
Thinking it's time to sell your home? Let's get started
At The Cascade Team, we pride ourselves on focusing on our clients and marketing their home successfully. Why spend more when you can get all the service you need at a 1% listing fee (4% total with buyer agent commission). You, our client, are our focus. Service, at the highest level, is our mission. Our strategy is accomplished efficiently and effectively through our proprietary marketing program, innovative communication systems, and world-class agents. From day one we’ll be with you every step of the way. The Cascade Team Real Estate is a company like no other because of the marketing, service, and home seller savings we provide. We understand that in today’s real estate & home selling environment, we need to provide a high level of real estate service and widespread marketing of the home for sale, utilize technology to keep our home seller clients in the communication loop and provide added value to both buyers and home sellers in the real estate transaction. You will be amazed to see how much we do to market your home and get the best price possible.
When selling your most valued possession, I know that you want to be in the loop every step of the way. Customer service and communication is my top priority. We leverage automated feedback and local market activity reports, along with weekly updates on how our marketing is working. We feel it's important to keep our clients in the loop, and that's just one more way I exceed your expectations. I came to The Cascade Team with a strong passion for real estate. Being a local agent with intimate knowledge about the Snohomish County and broader eastside market allows me to serve our community's personal real estate needs. I make my home in Monroe and love all the things that Suburban living offers. I'm dedicated to giving my friends, neighbors, and the local community here on the eastside simply outrageous service. I am fully dedicated and focused on the success of every client that I work with. I will guide you through the process from start to finish. My focus is marketing and selling your home for top dollar. I also bring experience with home staging, having worked for a staging company setting up homes to sell for the highest price.
If you feel that it is time to sell your home, contact me HERE, and I can help. I will give you a free home evaluation, and we can talk about how I will market your home with The Cascade Team for only a 1% listing fee (4% total with buyer's agent commission)
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