How the Real Estate Market Has Changed and How You Can Prepare To Sell
While the housing market in the Philadelphia area is more competitive than in much of the country because of our desirable location and limited inventory, the market is nonetheless slowing down. Real estate activity generally slows naturally in the winter months, but the increasing interest rates will have a powerful effect over the next few months to cool the market into next year.
A slow market is called a “buyer’s market” because the buyers can afford to be pickier, take their time deciding, and offer less than the asking price. You want your house to be the one that buyers jump on and offer what you’re asking, or more.
How can you give your house a boost so that it will be attractive to a smaller pool of buyers and be able to command a great selling price? Do what you would do to sell your home at other times, but do it better. You want to really catch your ideal buyer’s eye and offer features that are worth the extra money.
Have all the basics in your house checked as soon as possible. Electric, plumbing, roof, siding, windows, basement – have them all evaluated by a trustworthy expert who will give you an honest assessment of what needs to be upgraded or repaired and what is a-okay. Start budgeting the costs of repair and start with the most time-consuming or urgent projects first.
Meanwhile, give the interior a new paint job and start cleaning up the outside and improving your curb appeal. It’s helpful to look at our checklist of projects, from easy and cheap tasks up to major projects. Start with decluttering the outside, hiding trash cans, power washing the siding and hardscape, and other simple jobs, then step back and take a good look at your house with a buyer’s eye.
Make your house stand out
Is there anything special about your place? Whatever special feature your house has, build on it.
Do you have a great view of nearby woods or a beautiful garden? Consider a new picture window or sunroom that can bring that view inside. Or add a deck in that direction. If you already have a deck, add an outdoor living area or entertainment area.
Natural water on the property? How about a pathway with four-season landscaping that leads to a gazebo that overlooks the water?
A finished basement has almost endless possibilities. Favorite basement upgrades include a game room, entertainment room, wet bar, exercise room, or an in-law suite or private apartment for an adult child.
Our designers can come up with creative suggestions that fit your budget to help you maximize your house’s special qualities.
Features buyers want
Some perennial favorites in homes include hardwood floors (make sure they’re in pristine condition!), new kitchen counters and cabinets, upgraded bathrooms, and functional and spacious laundry rooms. Lots of closet space is a must, and a spacious garage with well-thought-out storage is a real selling point. And around here, well-designed outdoor living space really helps you sell your house fast.
A recent trend is the “flex room” – an extra room on the main floor that can change in function depending on the needs of the occupants. It could be an office, a hobby room, or a kid’s romper room. If it’s near a first-floor full bathroom, it could act as an extra bedroom or in-law suite.
Pick your projects
We’ve made a lot of suggestions and there are plenty more ideas out there. You can’t do them all, and it would hardly be cost-effective to try. Your goal is to have a house that does not need any repairs, is really attractive inside and out, and has features that will make buyers want to snap it up.
Contact us at M&K Renovations at (610) 353-2895 for help deciding where to start. Our professionals will go over with you your needs and goals, walk through your property and evaluate what repairs or upgrades may be best, and work with our designers and building experts to develop a plan to help you get your house ready to sell.