Should You Fix Your House Up Or Sell Now?
With the fall season upon us, change is in the air. For manyfamilies, children are growing up and moving out of the house,maybe leaving for college or taking a jump into the working world.Parents are finding themselves as empty nesters for the first time.The question inevitably arises: is it finally timeto downsize?
If you’re pondering that thought, you may also bewondering if you should fix-up your house before you sell it, or gostraight to the market as-is, allowing a potential buyer to do the updates andremodeling. If you’re one of the many homeowners in thiscamp, here are a few tips to help you decide which way to go.
1. Analyze Your Market
A real estate professional can help you to understand yourmarket and the potential level of buyer interest and demand foryour home. Are you in a seller’s market or a buyer’smarket? This can change based on the price range of your home, too.A professional can also give you some insight on what youcan change or remodel, and howto declutter your house to make it attractive to buyersin your area.
2. Get An Inspector
Right now, the average length of time a family stays in a homeis between 9-10 years. That’s a little longer thanthe historical average, so if you’ve been living in yourhome for a while, it might be time to make some significantimprovements. Think electrical system, HVAC units, roof, siding,etc. An inspector can give you a better idea of the condition ofyour home if it is up to current code standards, andrecommendations on how to have your house ready before you put iton the market.
3. Decide If You Need To Remodel
You may also be thinking about driving buyer appeal withsomething like a kitchen or a bathroom remodel. If so, first diginto the market value of your home, and compare it to the actualcost of the remodel. A local real estate professional can help youdetermine your home’s market value, and you’ll want toget a few quotes from contractors on the price for the remodel.Once you have those two factors narrowed down, you can decide if aremodel will give you a return on your investment when you sell.Oftentimes, it is actually more advantageous to price yourhouse to sell, list it competitively, and then let the buyer pickthe colors they want for their bathroom tiles and the type ofcountertop they prefer. The 2019 Cost vs. ValueReport in RemodelingMagazine compares the average cost for remodelingprojects with the value those projects typically retain atresale.
Bottom Line
Nationwide, inventory is low, meaning there is less than the6-month housing supply needed for a normal market. This drivesbuyer demand, creating a perfect time to sell. If you’reconsidering selling your house, let’s get together to helpyou confidently determine what will be the best choice for you andyour family.