Are you preparing to put your North County San Diego home on the market? Then you may be wondering whether or not you should renovate. After all, a new kitchen or bathroom will be more appealing to potential buyers, right? While it is true that renovations can really make a home stand out, it’s not as important in today’s market. Here’s what you should consider when making the decision to renovate.
There’s a shortage of inventory
There aren’t enough houses for sale right now to keep up with demand. Typically, the real estate market in North County has a six-month supply of homes for sale. However, we’re seeing record lows in inventory — not just in the area but around the country. A recent report by the National Association of Realtors has revealed that the current supply of homes is less than two months. Competition among buyers is fierce, with most homes getting an accepted offer in less than a month. With demand this high, it is less important to make renovations to appeal to buyers.
Buyers are open to making their own renovations
We’re living in very extraordinary times. It’s a seller’s market, which means that buyers are at a disadvantage. With so few homes on the market, buyers must act quickly to get an accepted offer. For this reason, many buyers are willing to make their own renovations once they own the home. This is especially true because of how the pandemic has changed the way we live. Some buyers may have very specific needs and will want to update their new home to fit those needs.
Evaluate the return on investment
If you feel like you really must renovate your home before you sell, then you should evaluate the return on investment. Not all home remodeling projects will earn you top dollar when you list. In today’s market, cosmetic upgrades, such as touching up exterior paint, can bring a good return. But costly renovations, such as overhauling the kitchen, may not. When in doubt, speak with your real estate agent. They can help you to determine which renovations are worth your time and money, and which ones aren’t.
Your particular situation
Finally, you should take into account your particular situation when deciding whether or not to renovate your North County home before selling. If you’re selling because you got a great new job, then you may have no time to waste with renovations. Likewise, if renovations aren’t in your budget right now, then it may be best to let the new owners handle it. Is your home really outdated? Then selling to an investor who will update the home to flip it or rent it is also an option. The bottom line is — there are many things to consider when deciding if you should renovate, and you should evaluate your decision based on your needs and the current market.
Contact the Clark & Gilman Team today!
When deciding whether or not to renovate your home for sale, it pays to speak with an expert whose advice you can trust. The agents of the Clark & Gilman Team have been selling North County homes for decades, and you can feel confident knowing you have an expert on your side. Contact us today at 760-758-1211 or [email protected] to get started.