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To Renovate or Not to Renovate before Selling Your Home

Thursday, April 1, 2021   /   by Flr Team

To Renovate or Not to Renovate before Selling Your Home

When thinking about selling, homeowners often feel they need to do some updates or remodeling to make their home more appealing to buyers. However, with the market being where it is and buyers competing for the limited amount of homes available, renovations may not be as important as they would in a traditional market. Here are two major things to keep in mind if you’re thinking about selling your home this season.

Inventory is Low: There aren’t enough homes for sale right now
In a traditional market, there is usually a 6-month supply of homes for sale, but today’s housing inventory sits far below that. According to the National Association of Realtors (NAR), there’s only a 1.9 month supply of homes available today. As a result, buyer competition is high and homes are only on the market for about 21 days, during which time most receive multiple offers.

In this type of market, it may be wise to let future homeowners remodel the bathroom or kitchen to make design decisions that best suit their specific taste and lifestyle. As a seller, your dollar and time might be better spent working on a small cosmetic update, refreshing paint, and power washing the exterior. Instead of getting overwhelmed and over-investing in your home with updates or upgrades, work with a real estate professional to determine what are the things to get done without overdoing it. They will set you up for success. 


ROI: Focus on getting a good return on your investment
When planning out what projects you will tackle, you and your real estate agent will want to discuss the potential return on investment which will help determine which projects are worth the cost. Some homes do need a kitchen or bathroom remodel, or the roof needs repairs but definitely not all of them. You might be surprised by how well your home could value in today’s seller’s market.

Bottom line, before you go to tackle a project or two, contact your local real estate professional to see what is the best route for you. Every home is different, but a conversation with a professional will be critical for you making the right moves in selling your home this season. We’re in a strong seller's market, which means that you have the leverage in selling your house on your terms. 

Contact us today so we can discuss your options!

Florida Lifestyle Realty