Thinking of renovating to add value to your home? Or are you looking to sell and don’t know if you should renovate? You’re not alone. In the current sellers’ market, many homeowners wonder what, if anything, needs to be remodeled before they list their house. That’s where the trusted real estate professionals at Templeton Real Estate Group come in. With our complimentary staging service, we can help you think through today’s market conditions and how they impact what you should – and shouldn’t – renovate before selling.
Here are some considerations a Templeton Real Estate Group professional will guide you through:
With current supply challenges in Boise, Idaho and across the nation, 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, we end up 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....”
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.
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 that’s design quality won’t last a good while.”
Before making any decisions, talk to your real estate advisor at Templeton Real Estate Group. 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 future buyer wants to upgrade to the newest fad later, they can.
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.”
With over 15 years of marketing and staging experience, our team at Templeton Real Estate Group can highlight any recent upgrades you’ve made in your home’s listing to maximize your selling potential.
When it comes to renovations, your return-on-investment should be top of mind. Connect with a Templeton Real Estate Group agent today to discover how to maximize your home’s potential with the right home improvement project! If you're ready to explore the possibilities of selling your home in Boise, Idaho, get in touch here.