If the seller’s market is so hot, is it still necessary to renovate a seller’s house before it goes on the market?

It’s no secret that most buyers today want a turnkey home that they can move in right away, but with buyer demand skyrocketing without the inventory to meet demand, many buyers are ready to buy. each suitable home on which they can win an offer.

But just because the ball is already in the seller’s court, so to speak, is it enough to skip renovation altogether?

In a recent article in the Wall Street Journal, brokers across the country weighed when and when not to renovate, and while the answers leaned heavily on renovation whenever possible, there were some caveats.

Go big or go home

Right now, sellers who don’t have the budget for a full home renovation needn’t worry — for the most part. Chances are there are buyers who still want to buy their home, although it should be noted that the seller may not bid as high as they would have received had they chosen renovation.

Josh Dotoli, a real estate agent at Compass Florida in Fort Lauderdale, FL, says, “If the entire house needs updating, make sure the presentation is as good as it gets — clean, tidy, and organized.”

In other words, if your seller’s entire home is in need of an update, it may be better not to renovate at all than to choose certain areas of the house to restore, such as updating the roof and exterior paint while maintaining a worn-out finish. leave interior.

Dotoli also adds that there is no need for sellers with older homes to compete with new, modern buildings. He says, “An older home that has been well cared for shows that it was loved and will attract the right buyer at the right price.”

However, he also notes that the first impression happens before prospects walk through the door, meaning the house still needs to have enough appeal to properly photograph for marketing materials and the offer.

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Consider your market

In many markets, it seems that most sellers won’t see a huge difference in their final sale price if they choose not to renovate their home before listing.

On the other hand, sellers in large cities or markets with very high demand could walk away with significantly less than if they made the effort.

Jennifer Kalish, a real estate agent with Douglas Elliman in New York City, says buyers in her area are willing to pay a premium for a home that’s move-in ready, and would rather pay that higher asking price than spend money on the renovation process themselves.

With that in mind, it’s up to the broker to help his seller decide what’s more important to them: walk away with a bigger sale, or save themselves time, money, and effort up front.

While this is largely a personal choice, real estate agents and their sellers may want to consider how other sellers in their area approach the renovation problem and decide from there.

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