As I am based and sell primarily in the DFW Metroplex, many of my views and charts are based on that location – but what is happening in DFW is pretty much what is happening throughout Texas and the country. I love discussing, helping Sellers sell and Buyers buy homes…along with talking Horns. If ever there is anything you’d like to discuss, please let me know how I can help
To Update or Not to Update - that is the question
March-to-June is typically the biggest selling season in real estate in Texas. Frequently I get prospective home sellers asking me if they should update their home: repairs, paint, counters, cabinets, flooring etc - or put their home on the market in its current state to sell.
Obviously seller motivation is key component...does a seller want to capture most ROI or do they need to sell quickly for various reasons - but another key component is, what kind of updates/repairs are we talking about?
While the real estate market has slowed from this time 12 months ago...we are not seeing the drastic dropping of prices - in some areas prices are still climbing - and we are still seeing multiple offers and over-list price offers for those homes that are totally move-in ready.
Many buyers are still coming from out-of-state and many of them don't have contractor connections or even want to mess with buying a home, getting bids for updates and going through that process once they own the home. As one who has done it, I can attest, it can weigh on you and family to live without a functional kitchen for even a few weeks.
Is it worth it to spend money before putting home on market? It certainly can be. We are still seeing the white and gray take over of housing - so if you have the red dining room of the 90's and early 00's - I would consider painting it. If there is deferred maintenance - former leak from HVAC that left stain on ceiling - yes, spend the money and take care of it. Are there areas on facia of home that are rotted or do you need to power wash the driveway? It's worth it to do it prior to putting home on market.
You have to remember that a buyer's #1 thought when looking at a home is "what's 'wrong' with it that I can negotiate a lower price?" Remove those dog scratches from the doors or windows. Paint that hot pink bedroom a neutral white or gray - remove the stickers of glow-in-the dark stars and planets on ceiling of bedrooms. Spend the money to remove any obvious objections a prospective buyer may have
Are there stains on the carpet? Skip the allowance at closing and go ahead and replace the carpet - some flooring companies will allow for a deferred payment upon closing of the home but it will make a HUGE difference when a buyer sees that the carpet is brand new!
Buyers are still 100% willing to pay for a home that is refreshed and move-in ready! Discuss with your Real Estate Sales Professional (if you need one let me know - whatever city or state I can help) and figure out those areas that can make an impact without spending too much before you put on the market.
