Anyone that has been following the news recently is likely aware that the US housing market has been favorable for sellers since early 2020 due to the sudden demand for single-family homes during the coronavirus pandemic. Employers shifting to remote work meant that employees no longer had to live within commuting distance to their offices, and shelter in place orders meant people were spending more time at home.
As HomeLight reports in their Top Agent Insights for Q4 2020 report, 84% of real estate agents say that inventory is lower than expected in their markets, and 97% said that low mortgage rates have been fueling demand.
All those things considered, if you’ve been thinking of putting your home on the market to move someplace else, now is a great time to do so. Below are a few tips you can use to help set your home apart from others on the market.
Improve energy efficiency
Now that people are spending more time at home, energy efficiency has become a top consideration of buyers. The previously referenced report by HomeLight found that 47% of real estate agents nationwide have seen buyers prioritize energy-efficient features in their home such as upgraded windows, thermostats, insulation, and LED or CFL lighting.
Regardless of your home’s age, there are plenty of methods you can use to improve the energy efficiency of your home. For starters, adding spray-foam insulation to your attic is a relatively cost-effective way to reduce heat loss during the colder seasons. Spray foam insulation typically only costs a couple thousand dollars, however homeowners are often able to recoup the costs from the increased resale value of their property.
Another cost-effective way to help reduce energy consumption is to upgrade your appliances. HomeLight’s report mentions that 33% of buyers said that smart appliances are at the top of their list for what they want in their next home. As with installing insulation, new appliances are an upgrade that can pay for themselves.
Effectively plan your home renovation
Given the fact that home renovations frequently pay for themselves, you shouldn’t be afraid to work with a contractor or professional to upgrade your space. Examples of popular home upgrades include adding a home office, changing the kitchen layout, or installing features such as upscale shower heads.
Planning your perfect renovation begins with researching the costs of enhancements and weighing those against your budget. Sites such as HomeAdvisor, Angie’s List, and Thumbtack enable homeowners to find ballpark estimates on renovation costs.
After you’ve developed your renovation budget, you’ll then need to assemble a renovation team. Finding professionals is easy with the previously mentioned sites, or you can also check Yelp or Google Local ratings.
When contacting candidates for quotes, you’ll want to touch on questions such as:
- How long have you been in business?
- Could you share examples of projects you’ve done that are similar to mine?
- How long do you expect this project to take?
- Can I see your license and proof of insurance?
After conducting your interviews, you can then proceed with the rest of the process. Depending on where you live, you might have to secure permits, however your renovation professional should be able to assist.
Although home renovations carry upfront costs and can take time, many sellers find the process worthwhile as it helps to boost the resale value of their home. Keep in mind that if you can’t fully upgrade your home or fix all code violations, it’s still possible to sell your home. Check out this article to learn more.
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