Sure, it’s a sellers’ market and homes in good condition and in popular areas are selling shortly after being listed. How quickly? Nearly 60% of Rhode Island home sellers accepted an offer on their home within two weeks of listing.
Rhode Island homes are selling at an average rate of 102.17% of list price as of April 2022.
This is definitely the best time to sell your home. For you to wring every last penny of its value out of it, though, requires preparing the home for the market.
Get the price right to avoid losing money
Keep in mind that if your home isn’t priced correctly, even in a market that is overly kind to sellers, it may sit on the market and become “stale,” until you eventually drop the price.
You may even need to drop the price several times to drum up interest in the home.
Ensure that your listing agent is well-versed on current market conditions and knows how to price a home strategically.
Suggested repairs
If it drips, fix it. If it’s ripped, torn or broken, replace it. If you think the house has major problems, have it professionally inspected before putting it on the market.
Buyers do notice the small stuff so take a tour of the home, paying close attention to the following:
- Cracks and holes in the walls
- Peeling or otherwise damaged paint or wallpaper
- Torn or bent window screens
- Broken or cracked window glass
- Leaky faucets
- Caulking
- Running toilet
- Damaged flooring
- Dirty or damaged baseboards
- Broken floor or counter tiles
- Inoperable lamps and other light fixtures
- Broken electrical outlet and switch plates
Should you decide to make large repairs, the following will net you the most money at the close of escrow:
- Garage door replacement. If it’s old and rattling it will ruin your home’s first impression, thereby lowering its perceived value.
- Front door replacement (make it a steel door to add maximum value).
- Floor repairs or flooring replacement.
- Updated electrical.
- Updated plumbing.
Now, the fun part
Once the necessary repairs are out of the way, decide if you want to take some extra steps to make your home irresistible. Consider staging it to increase its perceived value.
Staging a home gives the impression that it’s move-in ready. Why is this important?
Slightly more than 63% of homebuyers want and will pay more for a home that is in turnkey condition, according to a study performed by marketing research firm Maritz.
A move-in ready home is, first of all, an impeccably clean home. Dirty and cluttered homes turn buyers off and give the impression that the home isn’t worth much.
Aside from the aforementioned repairs, listing your home at the right time is critical if you want to make the most amount of money possible. List soon to take advantage of the current market before you miss out on it.
Making the home attractive to buyers presents the best opportunity to reap even bigger rewards at the close of escrow.
