If you reside in the Naples/Bonita Springs/Marco Island area, you know that Northerners start flocking to Florida typically from October through May to relish in the perfect SWFL weather; and if you are contemplating on selling your home, now is the time to refresh and list your property while all these snowbirds are eager to buy their beach home!
However, freshening up a house can mean expensive improvements and many sellers put a lot of money into fixing up their homes before listing them. How can sellers ensure that their updates will return their investment?
Sellers that talk to an agent to determine what kind of real estate market they are in — seller’s versus buyer’s or a balanced market — will help them determine if they should move forward with updating their property.
For example, if the market is a seller’s market, sellers can usually get away with fewer improvements before selling. If sellers tour homes for sale in their neighborhood and compare their property condition and amenities to houses currently listed on the market, it may make more sense financially to NOT tear out the cabinets and install all new appliances. Instead, the seller may want to do a minor kitchen remodel and choose to paint cabinets and install updated hardware to give their kitchen an all-new look to avoid cutting into their proceeds.
However, if a home is in bad condition, it will bring a lower price in any market, especially in a buyer’s market. In fact, buyers might not even bother to look at a home in need of repairs if there is a surplus of inventory unless they are looking for a fixer-upper, which generally means a low-ball offer.
If you look at Naples area over the last month, numbers are showing that we are in a neutral market; meaning, there are no volatile swings (buyers and sellers are equalized). Buyers may be willing to make minor repairs themselves, but most want a home that’s in move-in condition. Again, it can be helpful for sellers to find an agent to tour other homes in the neighborhood and compare the condition and amenities in these competing homes to theirs.
If you would like suggestions on how get your home ready to sell or want to tour other comparable properties, I’m available and happy to help you. Email email@example.com or text/call 239.631.2561.
JODEE BENNETT, REALTOR® | JOHN R. WOOD PROPERTIES 239.631.2561