Getting ready for sale
Before a seller puts their home up for sale it’s a good idea to spruce-up around the house. A study funded by the Home Improvement Research Institute tells us what sellers are doing to put their house in order.
The vast majority of work -- 61 percent of it -- is being done before the property goes on the market, and an increasing amount of it in the 30 days before it is listed. Still, 12 percent of the work is being done after an offer has been made, twice that of the 2004 survey and probably reflecting that sellers are more willing to do some or all of the buyer’s requested repairs after the home inspection.
Almost 25 percent of this work involves replacing flooring, primarily carpet. Painting accounts for 22 percent of the work done to get the house ready for market. Most real estate agents suggest painting and carpet as a relatively inexpensive way to freshen up rooms.
Electrical work and landscaping are each at 9 percent, and exterior structural changes -- windows and siding -- accounted for 12 percent. Most people who responded to the survey said these projects improve the value of their houses.
Why spend the money at the last minute?
Almost one-third of those responding to the survey replied, "To make a good impression." Curb appeal sells almost 50 percent of houses generally, according to survey after survey by the National Association of Realtors, but in a slowing market, your house has to look better than the five others for sale on your street to get someone out of the car and up to your front door.
The renewed importance of curb appeal likely accounts for the increase in landscaping work, since, together with painting, it's a relatively inexpensive way to spruce up a home's exterior.
Most suggestions for change came from real estate agents (78 percent). Almost 15 percent of the sample said that the work was recommended in the home inspection report.
Twenty-two percent spent money to repair unsightly areas, while 17 percent did it to "fix something not working," 8 percent to pass inspection and 7 percent to neutralize decor. In a slowing market in which people are concerned about selling quickly with a chance of selling for more, fixing things and passing inspection are becoming more important considerations.
There has been a slight shift from sellers doing the work themselves to using a professional. The possible reason for the shift has less to do with the unwillingness of homeowners to do their own work and more with getting it done quickly so the house can get on the market faster and ahead of the competition. Only 53 percent of sellers were doing the work themselves in 2006, compared with 59 percent in 2004.
The vast majority of work -- 61 percent of it -- is being done before the property goes on the market, and an increasing amount of it in the 30 days before it is listed. Still, 12 percent of the work is being done after an offer has been made, twice that of the 2004 survey and probably reflecting that sellers are more willing to do some or all of the buyer’s requested repairs after the home inspection.
Almost 25 percent of this work involves replacing flooring, primarily carpet. Painting accounts for 22 percent of the work done to get the house ready for market. Most real estate agents suggest painting and carpet as a relatively inexpensive way to freshen up rooms.
Electrical work and landscaping are each at 9 percent, and exterior structural changes -- windows and siding -- accounted for 12 percent. Most people who responded to the survey said these projects improve the value of their houses.
Why spend the money at the last minute?
Almost one-third of those responding to the survey replied, "To make a good impression." Curb appeal sells almost 50 percent of houses generally, according to survey after survey by the National Association of Realtors, but in a slowing market, your house has to look better than the five others for sale on your street to get someone out of the car and up to your front door.
The renewed importance of curb appeal likely accounts for the increase in landscaping work, since, together with painting, it's a relatively inexpensive way to spruce up a home's exterior.
Most suggestions for change came from real estate agents (78 percent). Almost 15 percent of the sample said that the work was recommended in the home inspection report.
Twenty-two percent spent money to repair unsightly areas, while 17 percent did it to "fix something not working," 8 percent to pass inspection and 7 percent to neutralize decor. In a slowing market in which people are concerned about selling quickly with a chance of selling for more, fixing things and passing inspection are becoming more important considerations.
There has been a slight shift from sellers doing the work themselves to using a professional. The possible reason for the shift has less to do with the unwillingness of homeowners to do their own work and more with getting it done quickly so the house can get on the market faster and ahead of the competition. Only 53 percent of sellers were doing the work themselves in 2006, compared with 59 percent in 2004.
posted by Ken Calhoon at 10:34 AM
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