With the holidays just around the corner, the real estate market is preparing to head into its seasonal slump.
If you have your house on the market right now, you may be looking to the more likely sellers to take desperate measures. While dropping the sales price is certainly an option to generate new interest, you are to get it sold before the end of the year. The longer it stays on the market, greater the risk of selling your home for less than it’s worth. Instead of jumping to an unnecessary price cut, there is another option that will get your home off the market quickly — and likely even put more profit in your pockets.
According to experts, over 75% of buyers won’t even consider buying a home that isn’t move-in ready. If your home could be described as “needing some love,” then you may want to invest some time in home improvements that will entice potential buyers and maximize your profits.
If you already feel like you’re racing against the clock to get your listing sold, home improvements may seem out of the question, but I’d like to offer a different perspective. Forgoing any updates before selling could ultimately cost you more as the home is ignored by buyers and sits on the market. You don’t need to start tearing down walls or demolishing the kitchen to make an impact. Instead, simple aesthetic updates and basic preparations will have faster turnaround times and still provide higher returns. Based on several reports, a fresh coat of paint had an average return on investment (ROI) of 159 percent. Similarly, refinishing hardwood floors led to an average ROI of 348 percent, and replacing carpets had an average ROI of 280 percent. If your home’s interior needs a little TLC before hitting the market, these updates are great options to save you time and money in the long run.
Simply boosting your home’s curb appeal can have a big impact and help it get noticed by potential buyers. According to the same reports, power washing the exterior led to an average ROI of 135 percent, and basic landscaping had an average ROI of 251 percent. Capture pictures of the refreshed exterior before the winter weather leaves trees bare and the snow covers the plants. When your home listing looks refreshed and welcoming, it will draw more attention from buyers and get them through the door. If you are feeling the effects of the end-of-the-year market lull, it may be time to rethink your selling strategy. Before slashing the price by $20,000, remember that a few small improvements will go a very longway.