What Buyers Want = How to Sell Your House

Inventory is low. Understandably, many people have not wanted to put their home on the market with the pandemic raging- even if some restrictions are lifted.  Low inventory means that if a person is looking to buy a home, well, there just isn't much to choose from.  What is keeping the market stable is that there aren't a lot of buyers either.  However, people are still buying and selling homes!  Virtual tours are good and some of the tech is amazing! So, why are some homes going under contract ("pending") while others sit on the market for a while?  It's not as simple as price.  

As I show homes to buyers, I hear the same things over and over:  If they are going to spend "half a million dollars" or more, they really want a house they can just move in to and enjoy.  Of course there are exceptions, but most people don't want to or can't spend $50k on a renovation when they just put down $100k for the downpayment.  What buyers need to remember though, is that certain neighborhoods carry more value, and putting money into an upgrade or doing a reno is absolutely worth it!  Or if you are planning on staying in the house for 10+ years, then it could be a good investment to improve the home.  An example would be replacing windows.  If you spend $30,000 on new windows just before you put your home on the market, you may not get $30,000 more for your home.  But if you are a buyer and you are planning on living in the home for a while, then replacing the windows might be a good investment because, over time, the increase in equity will essentially pay for the cost of the windows.

What should sellers do?  Make your home sellable/improve the "sellability".  Fix and repair things that are broken.  Make it look nice.  Fresh paint and fresh carpet go a long way.

Want to know more about what is "worth doing" and what is not?  I am happy to give you a complimentary in-home consultation.