Boston Real Estate for Sale

Preparing your Boston condo/single-family home for sale

Preparing your Boston condo/single-family home for sale

Condos for Sale and Apartments for Rent

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Preparing your Boston condo/single-family home for sale

Spring into Action: Boost Your Home’s Curb Appeal with Expert Guidance

To sell your seaport condo this spring, it may need more preparation than it would have a year or two ago. Today’s housing market has a different feel. There are more homes for sale than there were at this time last year, but Seaport condo inventory is still historically low. So, if a condominium has been sitting on the market for a while, that’s a sign it may not be hitting the mark for potential buyers. But here’s the thing. Right now, homes that are updated and priced at market value are still selling fast.

Today, homes with curb appeal that are presented well are still selling quickly, and sometimes over asking price. According to Danielle Hale, Chief Economist at realtor.com:

“In a market where costs are still high and buyers can be a little choosier, it makes sense they’re going to really zero in on the homes that are the most appealing.”

With the spring buying season just around the corner, now’s the time to start getting your house ready to sell. And the best way to determine where to spend your time and money is to work with a trusted real estate agent who can help you understand which improvements are most valuable in your local market.

Seaport Condo Curb Appeal Wins

One way to prioritize updates that could bring a good return on your investment is to find smaller projects you can do yourself. Little updates that boost your curb appeal usually work well. Investopedia puts it this way:

“Curb-appeal projects make the property look good as soon as prospective buyers arrive. While these projects may not add a considerable amount of monetary value, they will help your home sell faster—and you can do a lot of the work yourself to save money and time.”

Small cosmetic updates, like refreshing some paint and power washing the exterior of your home, create a great first impression for buyers and help it stand out. Work with a real estate professional to find the low-cost projects you can tackle around your house that will appeal to buyers in your area.

Not All Updates Are Created Equal

When deciding what you need to do to your house before selling it, remember you’re making these repairs and updates for someone else. Prioritize projects that will help you sell faster or for more money over things that appeal to you as a homeowner.

The 2022 Remodeling Impact Report from the National Association of Realtors (NAR) highlights popular home improvements and what sort of return they bring for the investment (see graph below):

 

Spring into Action: Boost Your Home’s Curb Appeal with Expert Guidance | Simplifying The Market

Remember to lean on your trusted real estate advisor for the best advice on the updates you should invest in. They’ll know what local buyers are looking for and have the latest insights of what your house needs to sell quickly this spring.

Boston Condos and the Bottom Line

As we approach the spring season, now’s the time to get your condos ready to sell. Let’s connect today so you can find out which updates make the most sense.

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If you’re planning on putting your Boston condo up for sale before the Boston real estate Fall market is over, you may be looking around wondering, “What do I need to upgrade, repair or fix?”

For most Boston Beacon Hill condo sellers, home repairs fall into three main categories: Getting the home into a condition that the home appraiser will approve of, making capital improvements that might increase its market value, and doing additional repairs requested by the buyer after an offer is accepted.

How to prepare your downtown Boston condo for sale

According to the 2018 National Association of Realtors’ Profile of Home Buyers and Sellers, 88% of buyers use some kind of institutional financing for their home purchase. That means there will be appraisal involved (although cash buyers may also use an appraiser). The appraiser works for the lender — it’s their job is to confirm that the lender can get its money back and resell the home if the buyer defaults on the mortgage.

Appraisers have the power to require that the mortgage application be rejected if they find major issues with the safety or functionality of the home. Savvy home sellers will start out by contacting a listing agent and having them do a walk-through before the appraiser does. Red flags may include:

  • Peeling paint, if it contains lead (Only a possibility on homes built before 1978).
  • Loose railings on staircases, decks, etc. Any fall hazards.
  • Lack of functionality with utilities.
  • Lack of functionality with HVAC system.
  • Any plumbing issues, roof leaks or unexplained water stains.
  • Cracks in the walls, ceiling or foundation that may indicate foundational issues.
  • Water intrusion through the foundation.
  • Roof damaged or needs replacing.

For Boston downtown condo sellers, the upshot is that if they have any of the issues listed above, they’re going to have a difficult time selling their home because buyers will not be able to secure financing. Some may qualify for a renovation loan, but the majority of buyers do not go this route.

Adding Value with Home Improvements

This is where some people get a little crazy, making major home remodels right before they sell. Keep in mind that for most remodeling jobs, the return on investment is minimal.

On the other hand, some upgrades are worth considering. An experienced real estate agent should be able to advise you on projects that will bring your home to the higher end of the value range for homes in your area. If you have the time and money to make these improvements, chances are, you could bring in some better offers for your home.

The remodeling/repair projects projects with the best return on investment for a single-family home include:

  1. Energy efficiency upgrades. Providing buyers with a way to comparison shop for efficient homes, your home’s energy consumption is in the spotlight. For older homes, attic insulation will go a long way toward stopping heat and cooling loss, as will duct sealing and insulation. Buyers who want to save money on utility bills (and who doesn’t) will see your home as a better value.
  2. Minor kitchen remodel. According to Remodeling magazine’s 2018 Cost vs. Value report, homeowners who spent in the ballpark of $20,000 on new kitchen cabinet fronts, countertop resurfacing and appliances were able to recoup 80% of their costs.
  3. Update garage door. A good-looking garage door tops the list when it comes to returning cash to your pocket, the Cost vs. Value report shows. A nice carriage-style or even just a regular garage door has a way of making buyers’ eyes pop. If you don’t need a whole new door, a fresh coat of paint and some accent decor will update the look.
  4. New siding. Depending on the age of your old siding and the material you use to replace it, you could get back 77-97% of your investment by replacing the siding on your home. Just be sure to use a quality product.
  5. Add a deck. Buyers — especially Boston buyers — love an indoor/outdoor lifestyle. Give them what they want by adding a dedicated relaxing space on the exterior of your home. Check out our blog post on decks, patios and more to get started.

Making Additional Home Repairs After Accepting an Offer

It’s pretty common for buyers to request fixes after their offer has been accepted and they’ve had a home inspection done. Sellers who wish to be accommodating, or who don’t want to lose the sale, may say “yes” before doing the research.

Before agreeing to a repair, Boston homeowners may wish to ask themselves the following questions:

  1. Is it affordable? Sometimes small fixes can be accomplished by the do-it-yourselfer.
  2. How long will it take? In Boston right now there’s a long wait for contractors and repair people. It may take weeks to get someone out just to make an estimate. If the repair doesn’t seem like it can be made well before closing, it’s best to say no.
  3. Would taking the cost off of the sales price make more sense? In most cases of major repair, buyers and sellers both prefer this method. Get an estimate for the work and deduct the cost from the sales price of the home, or offer the buyers a credit toward their closing costs. That way, buyers can have the work done on their own timeframe and to their standards, and the seller is saved the hassle of doing it in the midst of moving out.
  4. Are repairs merely being used as a tool in negotiation? Sometimes buyers can point to cosmetic issues with the home, or bring up a laundry list of small repairs, in order to come down in their offer. This is where having a good real estate agent is helpful for holding your ground and considering another offer instead.

Fall is flying by! Ready to list your home on the Boston real estate market before it’s over?

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