In the recent seller’s market, both updated homes and homes in need of some work have been selling quickly. With this said, we are beginning to see two factors that may be resulting in a slight slowdown for the real estate market. The first factor is a slightly improving inventory of homes for sale. Although still considered to be a tight inventory, we are beginning to see some more homes being listed for sale. The second factor is a slightly lower demand from buyers. This pullback in demand is quite common as summer ends and we enter the fall months. Given these factors, it is even more important that sellers find ways to make their properties stand out from the rest. We discuss the top upgrades that will typically result in a quicker sale for top dollar.
What buyers want
Not all home improvement projects are created equal when it comes time to sell. Three areas that are important for sellers to focus on this market are as follows:
- Kitchen: The kitchen is arguably the most important room in the house. In addition to it’s functional aspect, the kitchen also tends to be the gathering place in most homes. Whether you are entertaining or simply gathering with your family, the kitchen is an integral room of the house. With this said, it is important to have updated appliances, counter tops, & cabinetry. If you are looking to cut some costs, cabinet doors may simply be painted to give the kitchen a complete face lift. Even simple tweaks such as replacing cabinet hardware can go a long way in changing the appearance of the kitchen.
- A fresh coat of paint: A fresh coat of paint applied both externally and internally can give a home a completely different and clean feel. Furthermore, updating interior paint colors to a light and neutral color will not only give the impression that the space is larger, but it will also appeal to more prospective buyers. As an added bonus, applying a fresh coat of paint is typically not a big expense for any homeowner.
- Add storage: If there has been one common theme in the real estate market for the past 18 months, it is the desire for more space. Adding space to a home does not necessarily involve building on additional square footage either. In fact, simply re-configuring certain rooms of the house or adding items such as shelving can greatly improve the amount of storage. As an example, making a spare bedroom multi-functional can also be a huge asset when it is time to sell. With more people working from home, the importance of a home office can not be overstated. When done correctly, a spare bedroom can easily function as a home office as well.
Summary
Even in a seller’s market, it is important for seller’s to make their properties stand out. Not only will this result in a quicker sale, it typically also results in top dollar. In the current market, this can mean a multiple offer situation in which the selling price exceeds the list price. As with all things in real estate, many of these factors will be dictated by your local market. It is imperative that you work with a local and knowledgeable real estate agent that can assist you. At Live South Florida Realty, Inc., our listings have consistently outperformed the market by not only selling faster, but also for top dollar. If you are in need of assistance with selling your home in South Florida, we have professional real estate agents that cover from Miami, FL north to Port Saint Lucie, FL.
At Live South Florida Realty, Inc. we have assisted many clients build their real estate investment portfolios. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!
