- The current real estate market is highly competitive, making home improvements key to standing out.
- Home renovations can lead to faster sales, better prices, and increased buyer confidence.
- Pre-sale improvements can avoid potentially costly negotiations with buyers over repair costs.
- Popular renovations include swimming pools, energy-efficient upgrades, landscaping, and smart home technology.
- Investing in home renovations before listing can yield a higher selling price, making it a wise investment.
If you’re considering selling your house, you want to ensure you get the best possible price. But in today’s real estate market, listing your home and hoping for the best is not enough. To succeed, you must make your home competitive in the market. This can involve anything from small repairs to full-scale renovation. Here’s what you need to know about competition in the real estate market, why you should make yours competitive, and the best home renovations for your home.
Homes in The Real Estate Market
It’s estimated that there are about 910,000 homes for sale in the market. This is the lowest inventory since 2005 when the housing bubble began to burst. With so few homes for sale, competition is fierce. Buyers have more options and can easily compare prices in their area.
Plus, many buyers are looking for something special in a home. Here are some of the leading reasons to make your home competitive:
1. Sell Your Home Faster
On average, it takes about 54 days to sell in the market. However, when you make your home competitive in the market, it stands out to potential buyers. This can help you sell your home more quickly than if you had listed it as-is. This could be a significant advantage if you’re in a hurry to sell your home. And the faster you sell your home, the more money you’ll save on mortgage payments and property taxes.
2. Get a Better Price
When you take the time to make your home competitive in the market, you increase its perceived value. Buyers will be willing to pay more for a home that looks move-in ready and well-maintained. So, if you’re willing to put in a little extra effort, you could get a better price for your home.
3. Stand Out From The Competition
In a crowded real estate market, you must do everything possible to stand out from the competition. By making your home competitive, you can attract more potential buyers and increase your chances of getting an offer. This can be especially important in areas where there are a lot of similar homes for sale.
4. Build Buyer Confidence
When a potential buyer sees that a home has been well-maintained and updated, it can build their confidence in the house. This can make them more likely to make an offer and even lead to a bidding war between multiple buyers. So, even if you’re not planning to sell your home immediately, making it competitive can be a smart long-term investment.
5. Avoid Costly Negotiations
If your home needs a lot of repairs or updates, it can become a bargaining chip during negotiations. Buyers may try to use these issues to get a lower price on the home. But if you’ve already resolved these problems, you can avoid these negotiations altogether. This can save you time and money in the long run.
Best Home Renovations For a Competitive Home
Many home renovations can make your home more competitive in the market. Here are four of the most popular and effective:
Swimming Pool
One of the best home renovations you can do is to install a swimming pool. A pool provides an added level of luxury, making your home stand out from the competition. Buyers looking for a place to entertain or relax may be willing to pay more for a house with a pool. However, ensure that you waterproof the pool. A reliable waterproof coating for swimming pools can ensure that moisture won’t damage the pool’s foundation. This can reduce the maintenance needed for the swimming pool and reduce the deterioration of your home due to moisture.
Energy-Efficient Upgrades
Energy-efficient upgrades such as solar panels and energy-saving appliances can make your home more attractive to buyers. Not only will they save money on utility bills, but they can also add value to your home. Plus, many cities offer incentives for homeowners who install these features in their homes.
New Landscaping
New landscaping is a relatively affordable way to update your home and make it more competitive. Adding plants, shrubs, and trees can improve your home’s curb appeal and help it stand out from other homes in the area. Plus, buyers may be willing to pay more for a home with a well-maintained lawn.
Smart Home Technology
Smart home technology can also make your home stand out in the market. Installing features like automated thermostats, security systems, and voice assistant devices can appeal to tech-savvy buyers. These features will keep your home secure and energy efficient while you’re away.
No matter what kind of home renovation you choose, making your home competitive in the market can be a wise investment. Not only will it make your house stand out from the competition, but it could also earn you more money when you sell. So if you want to get top dollar for your home, consider investing in some renovations before you list it for sale.
