It’s a great time to sell your home. In many areas of the country, property values continue to rise and inventory remains historically low, although it seems that has softened a bit over the past several months with more homes hitting the market.
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When the Fed recently cut rates for the first time in over four years, mortgage rates dropped fast. Now, with the expectation of more rate cuts ahead, homes sales and mortgage refinancing volume should climb.
And, although no one knows for sure, it is possible we’ll see an active housing market in . That's good news for sellers. It also means that sellers will have to step up their game in a highly competitive environment, which may mean fixing that leaky shower and getting a new roof.
We’ve featured the top 13 features buyers surveyed by the National Association of Home Builders (NAHB) said they wanted in . Some are small projects that you could do yourself fairly quickly and cheaply.
Others require more time, money and planning to find and hire contractors and get materials, which can be a tough ask amid a remodeling boom and shortages of labor and materials.
Overall, buyers are opting for smaller homes with design touches important to them, like a master bath on the main floor or a front porch. Buyers want to have plenty of comfortable, well-lit outdoor space. They value nearby parks and walkability.
As the housing market continues to rebound, would-be sellers should think twice before skipping out on areas of their homes in need of serious upgrades. Home buyers are willing to spend more on homes with higher-quality finishes in sought-after neighborhoods. Ensure your home is in top condition to get the most attention and the highest possible price.
With a few exceptions, you’re unlikely to recoup all your remodeling costs when you sell. According to Remodeling magazine’s Cost vs. Value report, sellers were estimated to recoup 23% to 104% of the cost of the 23 projects considered in the report. For example, the average cost of a mid-range bathroom remodel is $24,606 (up from $24,424 in ). You'd recoup about $16,413 (67%) of that amount within a year.
The report found that you generally get the biggest bang for your buck on outdoor projects, such as replacing a garage door, entry door or siding.
The highest return on investment (ROI) comes from swapping an HVAC system from oil or gas heat to an electric heat pump, yielding 104% ROI. These conversions are also eligible for substantial tax credits available for home energy efficiency projects.
The cost of doing nothing to your home can be far greater than the small loss you'll incur on any home improvement project. "Getting stuck in time with your home isn't a smart move and is rarely rewarded financially at sale time," said Compass broker Brian K. Lewis. "In fact, it may cause your house to linger longer on the market longer. As a result, you'll likely have to pay ongoing mortgage, maintenance and staging costs."
If you want to get the most bang for your buck, focus on features that most home buyers really want to see and that you’ll enjoy for as long as you live in the home.
Consumer tastes can vary by region, so consult with your real estate agent to find out which home features are in high demand in your area, advises Dr. Jessica Lautz, vice president of demographics and behavioral insights for the National Association of Realtors.
Selling your home? Here are the 13 home features buyers want most.
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