Looking to sell your Raleigh home this spring? Be prepared to put in some extra effort compared to previous years. The current real estate market has a unique dynamic with a larger inventory of homes available, yet historically low overall inventory. As a result, homes that have been lingering on the market may not be meeting the needs of potential buyers. However, updated homes that are priced competitively are still in high demand and selling quickly. If you want to stand out and sell your home fast, it's crucial to ensure it's in top condition and priced appropriately.
Today, homes with curb appeal that are presented well are still selling quickly, and sometimes over asking price. According to Danielle Hale, Chief Economist at realtor.com:
“In a market where costs are still high and buyers can be a little choosier, it makes sense they’re going to really zero in on the homes that are the most appealing.”With the spring buying season just around the corner, now’s the time to start getting your house ready to sell. And the best way to determine where to spend your time and money is to work with a trusted real estate agent who can help you understand which improvements are most valuable in your local market.
Curb Appeal Wins
One way to prioritize updates that could bring a good return on your investment is to find smaller projects you can do yourself. Little updates that boost your curb appeal usually work well. Investopedia puts it this way:“Curb-appeal projects make the property look good as soon as prospective buyers arrive. While these projects may not add a considerable amount of monetary value, they will help your home sell faster—and you can do a lot of the work yourself to save money and time.”Small cosmetic updates, like refreshing some paint and power washing the exterior of your home, create a great first impression for buyers and help it stand out. Work with a real estate professional to find the low-cost projects you can tackle around your house that will appeal to buyers in your area.
Not All Updates Are Created Equal
If you're preparing to sell your Raleigh home, keep in mind that the repairs and updates you make are ultimately for the benefit of the buyer, not yourself. To increase your chances of a faster sale or a higher sale price, focus on improvements that will appeal to potential buyers rather than personal preferences. By prioritizing these types of projects, you can enhance your home's overall appeal and attract more interested buyers. The 2022 Remodeling Impact Report from the National Association of Realtors (NAR) highlights popular home improvements and what sort of return they bring for the investment (see graph below):
Remember to lean on your trusted real estate advisor for the best advice on the updates you should invest in. They’ll know what local buyers are looking for and have the latest insights of what your house needs to sell quickly this spring.