One of the questions I hear most often from homeowners is, “What should I fix before I sell?” It’s a great question. But I always encourage people to ask another one first: “What is my home actually worth in today’s market?”
Recently, I worked with a homeowner who wanted to make her home as appealing as possible before putting it on the market. She had just invested in major landscaping, new flooring throughout the home, fresh interior and exterior paint, and a remodeled bathroom. The improvements were beautiful. Unfortunately, they were completed before we reviewed the current market. When we looked at recent sales and the surrounding competition, we discovered something disappointing. New construction in the area had created strong competition, and recent comparable sales established a value that simply didn’t support recovering the cost of those improvements. Although the updates made the home more attractive, they didn’t increase its value enough to offset what had been invested. Instead of listing, she chose to stay in her home because selling no longer made financial sense.
Many people assume every dollar spent on renovations adds a dollar to a home’s value. It doesn’t. A home’s value is determined by what buyers are willing to pay for similar homes in today’s market.
Thinking about selling within the next year? I’d be happy to walk through your home with you before you begin any major projects. Together, we’ll identify where your time and money will have the greatest impact, and where you may be able to save both.
