Ashley is our in-house stager and can help you determine which renovations might impact what you should – and shouldn’t – do before selling your house.
What You Need To Know About Your Local Market
Yes, it’s true. The supply of residential properties in Summit County has doubled what it was at this time last year. However, don’t get too worried…we are still at historic lows. In August 2021, there were 236 active listings. In August of 2022 there were 477 active listings, and today (as of this writing) there are 435 active listings. That is less than 4 months’ worth of inventory – well below the 6 months of inventory that gives us a balanced market.
But, for a buyer, they have more options than last year – so you may need to make a few updates to make your property more desirable than your competitors. That may mean you’re not able to ignore some of those repairs or cosmetic updates you could have skipped in previous months. As a recent article from realtor.com says:
“To stand out in the market, sellers should make their home attractive to buyers, which usually means some selective updates.”
The key word here is selective. Since it’s still a sellers’ market, focusing on a few key areas may be enough to make your property stand out from the competition.
Not All Renovation Projects Are Equal
If you decide to list your Summit County Colorado property with Nelson Walley Real Estate, we will guide you through the process of determining what updates will not only extract maximum value for you but will also make your home more appealing than your competitors. Keep in mind that buyers really dislike having to pay for system and structure upgrades. So, if a new boiler, a new roof, or new windows are needed in your home, invest in these before cosmetic updates.
Some of the key updates where we see the biggest return on investment include:
- Updating flooring from carpet to hard surface flooring (either hardwood floors or luxury vinyl, which has become hugely popular in our snowy climate)
- Replacing carpeted bathrooms with tile
- Updating laminate or tiled countertops with solid surfaces such as slab granite or quartz
- Update light fixtures throughout the home
- Update hardware on cabinets
- Roof replacement (if warranted) or repairs if needed
- New windows if needed or replace windows that have broken seals
- Service your heating system and make needed repairs, or replace if necessary
- Paint, stain, or replace the front door to give a buyer the impression of a well-maintained home at the entrance
- Update appliances to stainless steel if you have white, black, or mismatched appliances
Every property is different, and every property has a different set of competing properties hoping to be the next sale. Nelson Walley Real Estate will help you navigate through this process and determine which updates would be best for your home.
How To Draw Buyer Attention to the Upgrades You’ve Made
For any projects you’ve already completed or for those you plan to do before listing, make sure to tell us about those. We’re not just an advisor to help you decide where to focus your efforts, we’re also skilled at highlighting any upgrades in your listing. That way, potential buyers know about the features that may help sell them on the house.
In today’s shifting market, it’s important to spend your time and money wisely when you’re getting ready to move. Let’s connect to find out where to focus your efforts before you sell.