Home improvement projects spring sellers should tackle now…
Data from Zillow and Thumbtack shows sellers can spend nearly $5,400 on the most common projects before putting their homes up for sale
, /PRNewswire/ — Sellers gearing up for the spring home shopping season need to roll up their sleeves now and spruce up their homes if they want to attract a shrinking pool of buyers. Investing in upgrades, maintenance and repairs could pay off at the time of sale. New research commissioned by Zillow and conducted by The Harris Poll finds that a majority of recent sellers (65%) take on at least two home improvement projects to prepare their home for sale, while data from Thumbtack reveals that they can invest around $5,400 on average when hiring a professional to complete the most common projects.
The survey reveals that sellers who sold their homes in the past two years most often finished interior painting (40% did), carpet cleaning (35%) and landscaping (33%). %) before putting their house up for sale.
Thumbtack data shows that the average cost of these projects is $5,388, but can average $8,249 in metro areas like Seattle-Tacoma and as low as $4,102 in metro areas like Miami- Fort Lauderdale. In addition to location, the costs of these home improvements can vary depending on the size and scope of the project. For example, small landscaping projects, such as planting flowers, maintaining lawns, and trimming shrubs, can cost several hundred dollars, while larger projects involving planting trees and l Installing sprinklers can cost thousands.
“These projects can instantly increase a home’s online appeal,” said Amanda Pendleton, home trends expert at Zillow. “An inviting outdoor space, clean floors and a fresh coat of paint – especially in the right color – can send a powerful signal to potential buyers that a home is well-maintained and contemporary. While sellers may be reluctant to shell out for these projects ahead of time, these upgrades can ultimately pay off, either helping a home sell faster or for more money.”
Nearly 3 in 4 recent sellers (74%) believe the home improvement projects they did to prepare their home for sale helped their home sell. The top projects that recent sellers believe helped sell their home were interior painting (27%) and landscaping (21%).
“A well-maintained home is one of the best ways for homeowners to attract buyers,” said David Steckel, housing expert at Thumbtack. “Thumbtack research reveals that a well-maintained home can sell for about 10% more than a similar home in average condition. Buyers make life’s biggest investment and they want the peace of mind of invest in a well-maintained home.
When it comes to projects to ignore, only 11% of recent sellers thought that repairing or replacing appliances, and repairing, maintaining, or cleaning the roof helped sell their home. Meanwhile, less than 1 in 5 recent sellers (17%) believe renovating the kitchen to prepare their home for sale helped sell it. Although costs vary depending on the work done and materials chosen, this project can average $10,355.
Neglecting necessary repairs and minor cosmetic updates can lead to seller regret, especially in today’s ever-changing marketplace. The Zillow survey found that 30% of recent sellers think more home improvements or repairs would have helped them get a higher selling price. A separate study by Zillow reveals that about 2 in 3 real estate agents believe that today’s sellers are wrong if they think they don’t need to make improvements to their home before selling.
Late April is traditionally the best time to put a home up for sale, which means now is the time to jump in on any repairs or upgrades. Zillow’s previous research found that the best seller’s regret is that they didn’t begin the process of preparing their home for sale sooner. And a quarter of sellers who made at least one renovation before putting their home up for sale say it took longer than expected.
Today’s housing market is a far cry from the frenetic pandemic era of bidding wars and record sales. A recent Zillow analysis indicates that homes are now lingering on the market for a median of 54 days, 45% more than last year. However, listings that find buyers do so in 18 days across the country, suggesting that the most attractive homes are still moving very quickly. A trusted local real estate agent can help sellers decide which projects are worth investing in based on their neighborhood market, and Thumbtack can help homeowners find a local professional to do the job.
Home improvement projects to prepare the house for sale
Share of recent sellers who complete the project
Average cost according to Thumbtack data
Appliances installed or repaired
Roof repaired, maintained or cleaned
Zillow Group, Inc. (NASDAQ: Z and ZG) is reinventing real estate to make it easier to open the next chapter in life. As the most visited real estate website in the United States, Zillow® and its affiliates provide customers with an on-demand experience to sell, buy, rent or finance with transparency and ease.
Zillow Group affiliates and subsidiaries include Zillow®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
Thumbtack is a technology leader creating the modern home management platform. With the Thumbtack app, homeowners can manage their home effortlessly – knowing with confidence what to do, when to do it, and who to hire. Bringing the $600 billion home services industry online, Thumbtack empowers millions of homeowners to repair, maintain and improve their most prized possession. Hundreds of thousands of local service professionals, from painters and plumbers to photographers and electricians, use the Thumbtack platform to grow their business every year.