Spend 10K When Selling You Home and Net 60K More
In a seller market, such as Arlington, VA, it is natural to wonder if you need to spend money getting your home ready for the market if you are thinking about selling. Many Arlington homeowners think since inventory is low, that they can save money by not spending money on repairs, updates, or staging. Nearly every month I see examples where sellers save time on the market and net more money in the end by spending the time and money up front to get their home ready for the market.
At the end of last year our team sold a condo in the Odyssey that had been sitting on the market for months with another agent during the fall. (link). The condo was vacant and costing the seller money. After consulting with the Orange Line Living and Keri Shull Team, we worked with the seller to come up with a plan to get the condo sold. For less than $3,000 we got the condo staged and did some painting. With new pictures and a new look, we put the condo back on the market and is went under contract in just a few weeks (despite the timing being right in the middle of the holidays).
Make More Money
In another example, our team helped a seller in Clarendon Park a few years ago. We consulted with the homeowners just after an identical townhome went under contract. After meeting with us, they spent $10,000 on painting their home and getting it professionally staged. (link). The result was a bidding war that ended up with them getting a cash offer that was $70,000 higher than the other, unstaged townhome had just sold for. In the end, this $10,000 investment netted not only paid for itself, but got the seller an additional $60,000 in profit.
The Bottom Line
No one likes to put money into a home they are about to leave, but more often than not that upfront investment will save you time on the market, make you more money and create a lot less stress throughout the process. So where should you spend your money?
- If there are any obvious repairs needed start there. Not only will these items scare away offers, but they will become negotiating items on home inspections.
- Get a fresh coat of paint. Make sure you go with neutral colors.
- Hire a professional stager. Our team includes a staging consult in the listing process because we think this part is so important.
- Consider making some updates if needed. Updating appliances, flooring and countertops can also go a long way.
- Give your home some curb appeal. Make sure the home looks great from the outside.
Finally, do not let your efforts go to waste.
Over 90 percent of buyers see your home first online. Make sure the photography puts it in its best light. Nothing is worse than spending the time and money to get your home ready for the market and then cutting corners on the photography and wasting those efforts. Our team includes high quality photography and online videos optimized to attract more views than our competition so that you home is seen in its best light by the highest number of buyers.