The Best Use of Time (and Money) When It Comes to Renovations
In the current sellers’ market, many homeowners wonder what, if anything, needs to be remodeled before they list their house. That’s where a trusted real estate professional comes in. They can help you think through today’s market conditions and how they impact what you should – and shouldn’t – renovate before selling.
1. With current supply challenges, buyers may be willing to take on projects of their own.
A more balanced market typically sees a 6-month supply of homes for sale. Above that, and we’re in a buyers’ market. Below that, and we’re in a sellers’ market. According to a recent report by the National Association of Realtors (NAR), our current supply of homes for sale, while rising, still remains solidly in sellers’ market territory:
“Unsold inventory sits at a 2.6-month supply at the current sales pace, modestly up from May’s 2.5-month supply but down from 3.9 months in June 2020.”
So, what’s that mean for you? If you’re a seller trying to decide whether or not to renovate, this is especially important because it’s indicative of buyer behavior. When there aren’t enough homes for sale, buyers may be more willing to purchase a home that doesn’t meet all their needs and renovate it themselves later.
2. Not all renovation projects are equal.
You don’t want to spend time and money on a project that isn’t worth the cost or is too niche design-wise for some homebuyers. According to an article by Renofi.com, basing home updates on what’s trendy right now can be a costly mistake:
“The last thing you as a homeowner want to do is center your home design around a passing fad – even worse, one thats design quality won’t last a good while.”
Before making any decisions, talk to your real estate advisor. They have insight into what other sellers are doing before listing their homes and how buyers are reacting to those upgrades. Don’t spend the time and money to be trendy – if your buyer wants to upgrade to the newest fad later, they can.
3. If you’ve already made upgrades this past year, your agent can help spotlight them.
If you have already completed some renovations on your house, you’re not alone. The pandemic kept people at home last year, and during that time, many homeowners completed some home improvement projects. HomeAdvisor’s 2021 State of Home Spending Report found:
“35% of households that completed an improvement project undertook some type of interior painting, while 31% completed a bathroom remodel and 26% installed new flooring.”
Let your real estate professional know if you fall in this category. They can highlight any recent upgrades you’ve made in your house’s listing.
Bottom Line
When it comes to renovations, your return-on-investment should be top of mind. Let’s connect today to talk through any upgrades you’ve already made and to find out what you should prioritize before you sell to maximize your house’s potential.Couple sitting on floor during room remodeling
Things To Do: Minnesota United FC Soccer
Bringing the beautiful game to Saint Paul, Minnesota United and professional soccer have been a staple amongst professional sports in Minnesota since 1976 when the Kicks first began competing in the North American Soccer League. Since then, the landscape of soccer has changed in the United States, with more talented players taking over and Major League Soccer attracting the fastest growing fan base in all of sports. One thing that remains is the resilient, welcoming and unifying nature of soccer in Minnesota.
Click HERE for tickets
Allianz Field | 400 Snelling Ave N | Saint Paul, MN
Business Highlight: Smith & Trade Mercantile
Thursday, Sept. 2nd from 4-6PM. Enjoy this free experience with live music, champagne and watch Smith’s create make and take your own art.
Smith & Trade Mercantile puts a face and a story to a handmade product and lets the buyer identify and embrace why that person put such passion into their creation. Their brick and mortar experience coupled with their historical location is sure to please!
Check out their website HERE or visit them at 229 Main St. S, Stillwater.
LUXURY LISTING OF THE WEEK
4 BD | 5 BA | 4,837 SqFt | $1,250,000
Investor Deal Of The Week
3 BD | 2 BA | 1,651 SqFt | $240,000
Courtesy of Edina Realty Inc.
Trends: How to Choose Colors that Beautifully Pair with Wood Furniture and Floors
Check out the the rest of this article HERE.
2 RENTALS AVAILABLE
BOTH AVAILABLE OCTOBER 1
Mac-Groveland | 1 BR | 1 BA |1 Garage Stall
Upper Level Unit | Unfurnished
$1095/month
Stillwater | 1 BR | 1 BA | Off Street Parking | New Construction |
Fully Furnished Lower Level
$2450/Month to Month
