The market has been wild for a couple of years, so it’s more important now than ever before that you take the time to upgrade your property. Whether you bought your home recently and are trying to flip it, or you’ve owned it for thirty years and want to get the most out of it, these are four ways to make your home stand out in today’s market.
What is today’s real estate market like?
Since the middle of 2020, the housing market has been slowly heating up to a boil, whereas in 2021 and 2022, it went into a total frenzy. Houses were getting offers within minutes of listing them, properties were flying off the market within a week, and bidding wars were breaking out over homes that would have sat on the market for months in other times.
As of the summer of 2022, the housing market is still hot, still rapidly moving: but it’s slowed down just a little. This means homes are now getting less competitive offers, and properties are selling closer to the asking price than before.
The market is still going wild: but it’s more important now than ever that you’re able to make your home stand out.
Adding better outdoor spaces.
Due to the pandemic causing everyone to spend far more time inside than ever before, more buyers are looking for outdoor spaces where they can enjoy spending time away from people in the open air.
Look into porch ceiling ideas to make a fresher and more welcoming space, and consider adding items like an outdoor kitchen, or a fire pit, to make your yard feel like an area where you could spend time.
Avoid adding a pool since you’ll lose money in this investment, and it’s too long of a project to bother with. Although you may want a pool: not every buyer feels the same about the amount of work that goes into them.
Upgrade the bathrooms and kitchen.
Our kitchens and our bathrooms are a couple of the highest-traffic areas in our homes, so you must take the time to create welcoming and beautiful spaces in these rooms. You can add details like a wall mount faucet in your kitchen or a bathroom heated shower floor.
Make sure you also spend the most time cleaning, painting, and updating these spaces to look brand new. These areas buyers will get scared away if they see dirt or grime since that will make the area seem gross and poorly taken care of.
Adding subtle details throughout the property.
Some details can add a lot of perceived value to your home without having to put in a ton of financial investments. These details include if you add molding to cabinets, replace light fixtures and outlets, and update the mirrors and door knobs. All of these feel like small and inexpensive changes, but they can completely overhaul how someone feels when they walk through your home.
Consider walking through your home as a stranger, and keep track of which surfaces you touch, where you walk first, and how the home guides you through it: then consider adding details in the same way you’d stage the home when you’re selling it. These will help increase property value.
Create a more energy-efficient home.
How energy efficient is your property now? The cost of heating and cooling a home continues to rise yearly, and with it comes peoples’ need for a more energy-efficient house. To take care of this, make changes throughout the property that will better seal it from the outside. You can look into window replacement inserts, ensure the seal around your doors is well-done, and check your insulation levels to keep them thick enough to block the weather.
You should also consider adding a smart thermostat. These help you keep track of the amount of work your HVAC system is putting in while also ensuring you can change the temperature and amount they’re running from anywhere in the world.
What changes can be expected?
A few experts are predicting a market crash in early 2023, which means it’s vital that you try to sell your home before the end of fall 2022 if you want to get the price you deserve.
Although there’s a chance this crash won’t happen and that your home’s value will continue to rise, it’s better to avoid the risk and skip the chance of your home’s value dropping by tens or hundreds of thousands over a couple of months.
Your property needs to shine.
When you’re competing in any market, it’s vital that you can set yourself apart. Regardless of how much work and time you put into your property: your goal should be to add value and increase your profit; trying some options will help you reach that.
This post is a guest post by Jackie Kaufman. Jackie is the Home Building Editor at Innovative Building Materials. With over 20 years of experience in new home construction and remodeling, Jackie has worked on many projects, including commercial office construction and residential new builds.