A home’s beauty is in the eye of buyers
On the national level, property values continue to rise. Indeed, homes in half the country’s metro areas gained more than $10,000 in value within a year. What’s more, there’s a severe scarcity of property in the starter home category.
The statistics come from Zillow, which tracks housing markets throughout the country.
“We’re in the midst of an inventory crisis that shows no signs of waning, impacting potential buyers all across the country,” says Svenja Gudell, Zillow’s chief economist.
With too many buyers chasing too few available properties, is overconfidence justified on the part of home sellers? Not at all, real estate experts say.
“In every city and every neighborhood, there are always sellers who either can’t get their house sold or who are getting only weak offers,” says Eric Tyson, a consumer advocate and co-author of “House Selling for Dummies.”
Despite inventory shortages, most buyers retain high standards and find it tough to picture themselves living in a house with peeling paint, cluttered rooms or mold-ridden bathrooms.
At a time when sellers are riding high, is it worth it to plunge precious savings into a home just to make it more aesthetically appealing to buyers? Yes, says Dorcas Helfant, the broker-owner of several realty offices.
“For a relatively small sum — usually under $10,000 — and a little hard work, sellers can often transform a ho-hum place into a much more likable one. Usually, the return on investment is well worth it,” says Helfant, a former president of the National Association of Realtors.
Here are a few pointers for sellers:
“For a few thousand dollars, (homeowners) can get a lot of quality woodwork done,” Davis says.
“To give your place a finished quality means every single ding must be filled in, sanded and redone. Search all your high traffic areas for imperfections,” says Davis, adding that professional painting shouldn’t cost more than $200 to $600 per room.
“Remember to ask your contractors to paint your moldings in a light, contrasting tone, such as glossy white, so they’ll pop out and look sensational,” he says.
As a finishing touch to add luster, replace all the hardware on your kitchen and bathroom cabinets, a step that should cost no more than $150.
“Give the company a complete checklist of everything you need done. Be sure this includes meticulous cleaning of all your chandeliers and light fixtures, as well as deep scouring of bathroom and kitchen tile to remove all the mildew. This whole job should cost no more than $200 to $400, depending on the condition and size of your place,” Davis says.
And remember to make sure that your windows are sparkling clean.
“It’s amazing how well a house can look when the windows are crystal clear inside and out,” Davis says. “People see the difference when they first drive up.”