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21
Sellers likely don't need to renovate before listing
If you're like many American homeowners, the prospect of selling your home and moving to a new one can be daunting. One aspect that seems to be particularly discouraging to potential home sellers is fixing up their homes before listing.
It's no secret kitchens, bathrooms, outdoor living spaces and curb appeal sell homes, so many potential sellers add renovations or do-it-yourself projects to their to-do lists before even considering contacting a real estate agent.
In our current market, that's likely not the best move, though. Alabama's Gulf Coast is still in the midst of the historic sellers' market that began during the initial phase of the pandemic. Historically low interest rates combined with historically low levels of for sale home inventory have created one of the strongest seller's markets ever experienced in our area.
What does this mean for local sellers? With more people wanting to buy homes than there are homes for sale in our area, you don't necessarily need to roll up your sleeves and begin tackling projects before listing your home. It will likely sell relatively quickly even with that small discoloration in the hardwood. National Association of REALTOR® data for January 2022 showed Alabama and Alaska as the two states in the country where the median number of days it took for a home to sell was 15 or fewer.
Of course, some home repairs may be required for passing a home inspection in order to sell, but trying to increase curb appeal in today's market may in fact not be the best use of your time or money. A recent Freddie Mac survey found that nearly two-in- five potential homebuyers would consider purchasing a home that required renovations.
The best way to determine where to spend your time and your money is to contact a local REALTOR® familiar with current market trends, to determine which improvements are truly needed and which ones aren't likely to be deal- breakers for buyers. This can save you time and effort that you can go toward making your next move.
Of course, if you've already made recent improvements to your home, a REALTOR® knowledgeable about how to highlight those features is key to receiving the best possible return on investment.
