Sure, it's a seller's market, but that doesn't mean homesellers shouldn't go the extra mile before listing. It could even help start a bidding war.
Sure, it's a seller's real-estate market, but going the extra mile before listing a home can help the it sell for over ask.
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It's a seller's real-estate market, meaning the demand for homes exceeds supply.
Homesellers can fetch more at closing if their property has a few key upgrades that buyers want.
A refreshed kitchen and primary bathroom can help boost the sale price, agents said.
The sky is blue. The grass is green. It's a seller's real-estate market.
The latter is a truth that's existed for a while, despite the predictions of a real-estate market crash or impending comedown of home prices. With homeowners who were able to snag historically low house payments seeing no reason to move now that mortgage rates are higher, there just aren't enough properties on the market to change the imbalance between supply and demand.
This may be welcome news to homeowners who are preparing to list their properties. But that doesn't mean they shouldn't go the extra mile by catering to buyers before listing. That effort may net the seller a higher price, or ultimately provoke a bidding war.
"Bidding wars are typically driven by high demand in a particular area and a low supply of homes," Jen Patchen, a real estate agent with Opendoor, told House Beautiful. "The features of the home are big drivers for multiple buyers to bid on the same property. That's why when you're selling, you need to be thoughtful about what draws people into your home, from pricing the home correctly to recent upgrades and even staging."
So what, then, are the features most likely to help a home sell for over its asking price? House Beautiful broke it down.
1. A refreshed kitchen
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A dated kitchen can be a dealbreaker for many buyers, but an updated kitchen can be a major selling point.
"Kitchens are often considered the heart of the home, and an updated kitchen can help sell a property quickly and above asking price," real-estate agent Denis Smykalov of Wolsen Real Estate told House Beautiful. "Potential buyers look for modern appliances and finishes, plenty of storage space, and extras such as kitchen islands or bars."
2. A spruced-up primary bathroom
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People want to feel pampered in their own home, and a dingy old bathroom won't suffice.
"Upgraded fixtures, spacious layouts, and relaxing features such as soaking tubs or walk-in showers can impress buyers and fetch higher prices," Smykalov told House Beautiful.
But if a renovation before listing isn't in the budget, even a few small improvements can go far.
"Regrout a bathroom — you want it to look fresh," Kimberly Jay told Insider in October. "If it's an old bathroom, and it looks clean, it could make a big difference. Somebody might say, 'Well, I could live with that,' because it looks so clean."
3. Curb appeal
Getty Images/LOUISE BEAUMONT
Adding a fresh coat of paint to the front door and cleaning up the landscaping goes a long way when listing a home, according to Brian Ferrick, the design director at the Southern California-based home-staging company Meridith Baer Home, who talked to Insider in October.
"Give the front door a fresh coat of paint, just so it has that impact when you're walking through the home," Ferrick said. "It looks nice and fresh and clean. It sets the tone."
4. A cozy outdoor gathering space
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"Outdoor living spaces, such as nicely decorated patios, decks, or gardens, can be seen as extensions of the living area and can make a house more appealing, leading to higher offers," real-estate agent Casey Napolitano of NDA Real Estate told House Beautiful.
5. Good staging
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You might love that gallery wall of wedding photos in your living room, but chances are a buyer will not.
The first step when listing a home? "Depersonalize!," real-estate agent Sarah Stone of Douglas Elliman told House Beautiful. "Take down all your family photos and high school diplomas, and yes, even your MVP trophy from your high school tennis team. Then, make sure your home is sparkling clean."
The financial reward for staging a home can be great.
"Staging a home well helps potential buyers visualize themselves living there, boosting their emotional connection to the property," Kevin Garcia of WLM Realty told House Beautiful.
"According to a 2021 study by the National Association of Realtors, staging a home can increase the offered price by 1% to 5% compared to similar unstaged homes on the market," he continued. "Additionally, staged homes spend 70% less time on the market. In essence, staging not only increases the value of a home, but also helps it sell faster."
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