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

Dated: August 12 2021

Views: 3

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

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

In the current sellers’ market, many homeowners wonder what, if anything, needs to be remodeled before they list their house. That’s where a trusted real estate professional comes in. They can help you think through today’s market conditions and how they impact what you should – and shouldn’t – 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 we’re in a buyers’ market. Below that, and we’re 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 May's 2.5-month supply but down from 3.9 months in June 2020.”

So, what’s that mean for you? If you’re a seller trying to decide whether or not to renovate, this is especially important because it’s indicative of buyer behavior. When there aren’t enough homes for sale, buyers may be more willing to purchase a home that doesn’t meet all their needs and renovate it themselves later.

2. Not all renovation projects are equal.

You don’t want to spend time and money on a project that isn’t worth the cost or is too niche design-wise for some homebuyers. According to an article by Renofi.com, basing home updates on what’s 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 won’t 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. Don’t spend the time and money to be trendy – if your buyer wants to upgrade to the newest fad later, they can.

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

If you have already completed some renovations on your house, you’re not alone. The pandemic kept people at home last year, and during that time, many homeowners completed some home improvement projects. HomeAdvisor’s 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 you’ve made in your house’s listing.

Bottom Line

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

Local Realty Logo

Blog author image

Ryan Braswell

Ryan Braswell is an energetic, knowledgeable, and professional real estate broker. Licensed since 2012 Ryan has seen just about every type of market. His experience and knowledge are guaranteed to he....

Latest Blog Posts

Retirement May Be Changing What You Need in a Home

Retirement May Be Changing What You Need in a HomeThe past year and a half brought about significant life changes for many of us. For some, it meant entering retirement earlier than expected. Recent

Read More

Why a Wave of Foreclosures Is Not on the Way

Why a Wave of Foreclosures Is Not on the WayWith forbearance plans coming to an end, many are concerned the housing market will experience a wave of foreclosures similar to what happened after the

Read More

The Mortgage Process Doesn’t Have To Be Scary [INFOGRAPHIC]

The Mortgage Process Doesn’t Have To Be Scary [INFOGRAPHIC]Some HighlightsApplying for a mortgage is a big step towards homeownership, but it doesn’t need to be one you fear. Here

Read More

Does Your House Have What Buyers Want?

Does Your House Have What Buyers Want?The rise in remote work is changing what many Americans want in their homes. Many companies are choosing to delay reopening or go remote full-time,

Read More
Fair Housing Icon NY Fair Housing Notice