Stories are all over the media these days about how prices are moving higher in the real estate market. And they’re correct, but…
You should never see American real estate as one market or a nation of state-based markets.
There are tens of thousands of micro-property markets in our wonderful country, each one attracting a separate set of buyers with different priorities for what they want in a home.
You should feel pretty good about owning property right now – that’s for sure. But make sure you talk to your agent to understand how the surge in prices is affecting the value of your property as every neighborhood can experience this boom differently.
We can provide you with the local market view, including information on what has been selling, prices achieved and what that’s likely to mean should you decide to put your home on the market.
In one area, buyers might want big bedrooms, or proximity to restaurants and cafes, while others might exchange location for more space and a luxurious lifestyle experience that includes a swimming pool and outdoor entertaining area.
These differences in neighborhood buying trends don’t just affect prices but also how an owner should prepare their property for sale.
Below is a short list of possible improvements you might consider that will create a memorable first impression with buyers and help you get the most for your property in any market.
- Wow-factor – You don’t get a second chance to make a first impression. So, the front of your home must be immaculate. In real estate, we call this curb appeal. If buyers don’t like the outside, you’ve got an uphill battle inside.
- Fresh look – Consider a new veneer of stone or vinyl to give your home a near-new look. The cost will get near $10,000 for an average-sized home, but it pays back handsomely.
- Go for color – A bright front door catches the eye. Primary colors are in fashion right now. And while the impression it makes is enormous, the cost is small. A brass house number can finish the job nicely.
- Security detail – A steel screen door is a popular addition. It offers security and peace of mind, and buyers love that.
- Install tech – Keypad locks, security cameras and security lighting give the impression of an expensive home even though the technology is cheap and easy to install.
- Garden gambit – Enhance your front garden with plants that improve privacy. Buyers put a significant premium on this. Small flowering plants, or a box hedge, to line the path to the front door is a nice touch. Put mulch on the flowerbeds to stop weeds and make sure the lawn is always mown.
- Seal the cracks – Cracks in the driveway and path leading up to the front door area should be fixed to avoid any excuse a buyer might have for claiming in a negotiation that property is neglected.
- New garage doors – If these are a little weather-worn or old fashioned, you should replace them. They might cost you mid-$3000s. Prospective buyers will often pick out elements of a home that need replacing and use the cost as a reason to drive down your price in a negotiation.