Should You Fix Your House Up or Sell Now
In a perfect world, our homes would be in tip-top condition, and we would never have to worry about repairs or replacements. But the reality is that homeowners often find themselves in a bind: should they fix up their home or should they sell it now as-is and take whatever they can get?
Homeowners often face a difficult choice when it comes to this part. Many factors go into this decision, including the current state of the housing market and how much work needs to be done on the home. In some cases, it may make more sense to sell now and take whatever the amount is, while in others it may be worth fixing up your home and waiting for a better offer.
As always it depends on your particular situation because every single person has different goals, needs, and timelines. With that being said, we outline a few different scenarios below where it may or may not make sense to fix up your home before selling.
As recently as Q1 2022, 98% of real estate agents said that they were in a “seller’s market,” according to a HomeLight survey of over 1,000 top real estate agents in the U.S. For the past 12 months, more than 94% of agents have reported seller’s market conditions for their area. As of this writing, there is no serious shift to report. (1)
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The current state of the housing market
In an area where housing marketing is booming at the moment, it may not be necessary to do any additional work on your home in order to sell. In a market like this, you’re more likely to find buyers who are willing to pay top dollar for a home, regardless of any imperfections.
However, it doesn't mean that you can totally slack off and not do any work at all. You should still make an effort to declutter, deep clean, and stage your home in order to make the best impression possible.
On the other hand, if the market is struggling or buyers are few and far between, then it may be worth putting in some extra work to make your home more appealing. Even though you may not get as much money for your home as you would in a hot market, you’re more likely to sell for a better price than if you just put your home on the market as-is - reach out to sell my house fast Nashville TN for any inquiries.
How much work needs to be done
Given that no two homes are exactly alike, the amount of work that needs to be done will vary from house to house. A fresh coat of paint and a new carpet may be all that’s needed to make a home look brand new again. But in other cases, more significant work may be required, such as fixing structural damage, updating the kitchen or bathroom, or even gutting the home and starting from scratch.
It's no surprise that most homeowners are not interested in making such a huge investment, especially if they’re not planning on staying in the home for much longer. Even small projects can take a lot of time and money to complete. If you’re short on time or money, it is not the best idea to put all your effort into fixing up your home.
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Your goals and needs
Your personal goals and needs should be a major factor in deciding whether or not to fix up your home before selling. If you’re looking to sell as soon as possible so that you can move on with your life, then it may not make sense to put in the extra work. But being in a situation where you have the time and money to make the necessary repairs may be worth it if you’re hoping to get top dollar for your home.
The cost of repairs vs the return on investment
As part of the decision-making process, you should always consider the cost of repairs and the return on investment. Depending on the type of repairs needed and the materials used, some home projects can be quite costly. But let's say the repairs are minor and won't cost more than a few hundred dollars. It is probably worth doing the work since you're likely to see a good return on investment.
Typically, it's about how smartly the repairs and upgrades are done. You don't want to go overboard and spend too much money on things that won't increase the value of your home. The most common upgrades homeowners make are: painting the interior and exterior of the home, updating the kitchen and bathrooms, and installing new flooring.
Some improvements with a high ROI include:
- Replacing siding with fiber-cement or vinyl
- Replacing windows
- Adding a deck
- Swapping in a steel front door
These are some of the ones that will generally have a decent ROI based on the cost of installation and the increase in home value.
The timeframe in which things are going to happen shouldn't be taken as lightly as some may think. It directly affects the marketability of your home but also plays a role in how much money you ultimately make. The longer you're willing to wait to sell, the more time you have to make the necessary repairs and improvements. However, for a lot of us quick sale is the main objective - therefore we don't have the liberty to wait for a longer period of time and must take action now, sell my Nashville house fast - it's all possible with the right kind of help.
What to do if my house is not selling
Even after putting all the efforts to make your house look its best, there is still a chance it might not sell. In that case, you need to adjust your expectations. This doesn't mean that you should lower the asking price - but you should wait for a while until the market improves or be more flexible with the terms of the sale.
Anybody can face a situation where their home just won't sell no matter what they do. In a buyers market, there are more houses on the market than there are buyers and this can lead to your home being stuck in limbo for months or even years. If you're in this situation, you may want to consider renting out your home or looking into other options such as investors and realtors who buy properties for cash.
The bottom line
Although the freedom and flexibility of selling your home on your own may be appealing, it's not always the best option. In fact, it's often not worth the headache and hassle when you could just sell your home to an investor, realtor, or company that buys properties for cash. Remember, it's not the end of the world good buyers do exist, you just have to be patient and be willing to work with someone like we buy houses Murfreesboro.