These first three questions will help you take the temperature of the real estate market in your area and assess the competition.
1. How hot or cold is the market in your area? Are homes being snapped up after the first open house, or are they languishing on the market for months? Are homes being sold at or near the asking price, or for much lower? Are open houses bustling with people, or is attendance sparse? Get a feel for the market in your area by talking with your real estate agent and checking local listings. If it’s a seller’s market, you may be able to get away with doing fewer repairs and modifications before selling, and still have good results — in a buyer’s market, expect to do more work to make a positive impression on buyers.
3. What is the condition of comparable homes on the market? It can be quite helpful to know a little about the homes that buyers in your area are looking at. Examine photos of homes for sale in your area or even attend a few open houses, and make a mental note of how the other homes compare to yours. Are the kitchens updated? Are the floors in good shape? If all of the other homes you see have a certain feature (for instance, an updated kitchen) that yours lacks, consider making that a priority. You don’t need to make your home exactly like all the other homes on the market; just make sure there isn’t a single factor that could give your home a disadvantage.
To Fix or Not to Fix: Deciding Which Repairs Are Worth Tackling
The next five questions will help you assess whether or not to make a specific repair or change before selling your home.
4. Does the faulty item give the impression the property has not been well cared for?Leaky faucets, cracked tiles, an overgrown lawn, broken appliances or anything else that doesn’t work as it should can immediately turn off buyers. At an open house, people often zip through quite quickly, and if they notice one or two things that send up red flags, they may not give your home another chance.