Whether it's a home owner finally retiring, the last child has left the home to launch a career, or deciding to downsize for whatever reason, the question inevitably arises: "Is it time to sell my Hudson Valley home?"
If you’re pondering that thought, you may also be wondering if you should fix-up your house before you sell it, or go straight to the market as-is, allowing a potential buyer to do the updates and remodeling. If you’re one of the many Hudson Valley homeowners with selling on your minds, here are a few tips to help you decide which way to go.
1. Why it's worth it to have a local REALTOR® analyze your particular Hudson Valley market.
A real estate professional can help you to understand your market and the potential level of buyer interest and demand for your home, and this service is free. Are you in a seller’s market or a buyer’s market? A REALTOR® can also give you some insight on what you can change or remodel, and how to declutter your house to make it attractive to buyers in your area.
2. Why it's worth it to hire a professional House Inspector.
An inspector can go beyond the obvious and point out problems you may not know about. For the few hundred dollars an inspection costs, it will also help a home owner prioritize what "fixes" to make first.
Right now, the average length of time a family stays in a home is between 9-10 years. That’s a little longer than the historical average, so if you’ve been living in your home for a while, it might be time to make some significant improvements. Think: electrical system, HVAC units, roof, siding, etc. An inspector can give you a better idea of the condition of your home, if it is up to current code standards, and recommendations on how to have your house ready before you put it on the market. As an additional bonus, when it comes to selling, you can show potential buyers your "recent inspection" and calm their fears about the condition of the property they're looking at.
3. How to decide if it's worth it to remodel.
You may also be thinking about driving buyer appeal with something like a kitchen or a bathroom remodel. If so, first dig into the market value of your home, and compare it to the actual cost of the remodel. A local real estate professional can help you determine your home’s market value, and you’ll want to get a few quotes from contractors on the potential remodel pricing as well.
Once you have those two factors narrowed down, you can to decide if a remodel will give you a return on your investment when you sell. Oftentimes, it is actually more advantageous to price your house to sell, list it competitively, and then let the buyer pick the colors they want for their bathroom tiles and the type of counter top they prefer. The 2019 Cost vs. Value Report
in Remodeling Magazine compares the average cost for remodeling projects with the value those projects typically retain at resale.
Global Property Systems says:
Across the Hudson Valley inventory is low, meaning there is less than the 6-month housing supply needed for a normal market. This drives buyer demand, creating a perfect time to sell. If you’re considering selling your house, sit down with a GPS local area expert. Partner with someone who can help you confidently determine what will be the best choice for you and your family.