With the fall season upon us, change is in the air. For many
families, 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 time to downsize?
If you’re pondering that thought, you may also be wondering if you
should fix-up your house before you sell it, or go straight to the
market as-is, allowing a potential buyer to do the updates and
remodeling. If you’re one of the many homeowners this camp, 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 your market and
the potential level of buyer interest and demand for your home. Are you
in a seller’s market or a buyer’s market? This can change based on the
price range of your home, too. A professional can also give you some
insight on what you can
change or
remodel, and how to
declutter your house to make it attractive to buyers in your area.
2. Get an Inspector
Right now, the average length of time a family stays in a home is between 9-10 years. That’s a little longer than the
historical average,
so if you’ve been living in your home for a while, it might be time to
make some significant improvements. Think: electrical system, HVAC
units, roof, siding, etc. An inspector can give you a better idea of the
condition of your home, if it is up to current code standards, and
recommendations on how to have your house ready before you put it on the
market.
3. Decide If You Need to Remodel
You may also be thinking about driving buyer appeal with something
like a kitchen or a bathroom remodel. If so, first dig into the market
value of your home, and compare it to the actual cost of the remodel. A
local real estate professional can help you determine your home’s market
value, and you’ll want to get a few quotes from contractors on the
potential remodel pricing as well. Once you have those two factors
narrowed down, you can to decide if a remodel will give you a return on
your investment when you sell. Oftentimes, it is actually more
advantageous to
price your house to sell,
list it competitively, and then let the buyer pick the colors they want
for their bathroom tiles and the type of countertop they prefer. The
2019 Cost vs. Value Report in
Remodeling Magazine compares the average cost for remodeling projects with the value those projects typically retain at resale.
Bottom Line
Nationwide, inventory is low, meaning there is less than the 6-month
housing supply needed for a normal market. This drives buyer demand,
creating a
perfect time to sell.
If you’re considering selling your house, sit down with a local real
estate professional. Partner with someone who can help you confidently
determine what will be the best choice for you and your family.
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