Experts are saying a real estate shift is ahead that could impact sellers in today’s real estate market. Whether you’re planning to sell soon or considering the possibility in the future, we want you to be shift-ready!
“The housing market has tilted sharply in favor of sellers over the past two years, but there are very early preliminary signs that the winds may be starting to shift ever-so-slightly”
–Zillow senior economist Aaron Terrazas.
With the expectation that the homebuyer market is due to shrink, sellers can take some preemptive steps to optimize the value of their homes without breaking their bank (or back).
You may be surprised that sometimes people suggest upgrades or changes that – while great when you’re living in the home – won’t really help you get a return when you’re selling and this can be a good thing for sellers.
For example, the 2018 Cost Vs. Value report says a major kitchen remodel won’t recoup even 60 percent of the cost but simply replacing your front door, can have a much greater impact. (Isn’t that a relief?)
Here are four simple ways you can add value to your home before putting it on the market.
This is more important than many sellers realize. According to the 2016 Remodeling Impact Report for Outdoor Features published by the National Association of REALTORS® Research Department (NAR), 96 percent of realtors will recommend that sellers improve their curb appeal before listing a home for sale.
The greatest aim with curb appeal is to make potential buyers be able to see themselves pulling into the driveway of their new home. As they drive up, they can envision what they, their families, and their guests will see as they are visiting and feel proud!
Here are three of the most profitable ways to improve your home’s curb appeal:
Having a standard lawn care program was ranked by realtors as the number one project for sellers to increase curb appeal. Surprisingly simple, planting a lawn from seed had the highest cost recovery (427 percent of a return on investment). So if you find your lawn is a bit lackluster, consider planting some fresh lawn seeds and making sure your existing lawn is free of weeds. Not only is improving your lawn a great investment in your home’s value but there are many other reasons why lawns are important.
Forty-seven percent of realtors have suggested an overall landscape upgrade that includes:
- A front walkway
- Five flowering shrubs
- One small tree (15-feet tall)
- Landscaping Mulch
It’s important to note that overdoing your outdoor landscape can actually turn off potential buyers so, when you begin upgrading your outdoor space, remember the goal is curb appeal to make your potential buyers interested in seeing more and not to “wow” them with an overload of outdoor features and flowers. In addition, be sure to remove any unwanted or unnecessary items from your yard. Potential sellers should see themselves in your home, so giving them an open canvas by way of simplicity, allows them to imagine themselves living there.
Having an attractive and comfortable outdoor seating area is a simple and inexpensive way to add great value to your home. The NAR suggests you can even utilize items you already have, rather than making a large investment. For a project that can be done simply and affordable, a new patio is a definite consideration for curb appeal.
For a few hundred dollars, you can get some attractive outdoor furniture, a couple of planters, and some flagstone or concrete and create a truly beautiful outdoor living space.
While many sellers may not have the time or budget to complete all of these things, even doing just a few before putting your home on the market can have a great impact on your home’s value.
Just as winter snow makes a landscape look white and clean, adding fresh paint to any surface makes it look clean and new (but avoid too much white).
Getting your home’s exterior painted is a great way to catch a buyer’s eyes but your interior will also benefit from a fresh coat of paint in each room. Don’t be tempted to go bold! Real estate experts suggest using neutral colors and avoid colors like slate grey, dark brown, terracotta, or off-white.
Interior paint jobs can be done by following simple suggestions that can save you money on this project by doing the painting yourself. Just make sure to keep the colors neutral but you can add color and character with snazzy accent colors.
What better time to replace your home’s fixtures than when you’re painting? From light switches and electrical outlets to lights and faucets, your home’s fixtures can be upgraded for a relatively small cost. Experts say sellers should avoid trendy metals such as warm metals and stick to neutral fixtures like stainless steel, nickel, or chrome.
The most popular choice for American home buyers is overwhelmingly wood flooring (49 percent) and has the highest return on investment (although most Americans prefer carpeting in their bedroom). But don’t worry if your home doesn’t have wood floors. Replacing old tiles, carpeting, or linoleum is equally important for resale value.
There are many ways homeowners can increase the value of their home but these are four of the simplest and least expensive ways to get more bang for your buck.
Selling your home can be both exciting and exhausting. It helps to have experts who can help guide you through the do’s and don’ts of selling your home in the Colorado Springs market.
The Johnson Team can help you from the moment you decide to sell all the way through to closing. Because of our expertise, we evaluate your home and are able to work within your budget to identify the things you can do before listing the home that will bring you a more successful seller’s journey.
There are many ways homeowners can improve their home’s value that some homeowners may not realize. From minimizing and down-sizing, to changing your doorknobs, when it comes to selling your home, the many things that you need to get done can be overwhelming and costly.
It may seem counterintuitive to invest thousands of dollars in a home you’re trying to sell, but doing these small things is sure to make your home more appealing to potential buyers. The Johnson Team will help you establish a seller’s marketing plan that works and go through your home to see what other – if any – investments you can make to improve the value of your home.
Call us today at (719) 280-5202 to arrange a free consultation on how we can help you sell your home for the best price.