A big part of selling a home fast and for the most money in today’s Scottsdale home market is a homes condition. It’s one of the main factors that effects a homes value, and has a huge influence in a buyers perception of your home. Like any product, a home in good to excellent condition will sell for more than a home in need of some TLC. For buyers, any repair or improvement they think is needed will be factored against the asking price for a home.
Luckily, a homes condition is one aspect of a real estate transaction a seller has complete control over! While it may not be obvious at first, there are a number of improvements and enhancements homeowners can do, regardless of a homes price range, that will result in a higher sale price and shorten the time on the market.
Let’s take a look at one of our past sales in McCormick Ranch as an example.
The home had been used as a rental for several years and while it was in “move-in ready” condition, it needed a few improvements if it was going to net our seller the most money. After touring the home and evaluating it for our client, we presented him with three possible strategies for selling his home.
Strategy A: Put the home on the market as-is. This is the fastest way to get a home listed for sale and will cost the least amount of money. We expected a sales price with this strategy to be around $415,000 – $420,000.
Strategy B: Complete some high impact improvements and delay putting the home on the market. These improvements will cost more upfront – $4,000 to $8,000 – but will make the home appeal to more buyers and increase the overall value of the home. With these improvements, we expected a sales price between $430,000 – $440,000.
Strategy C: Remodel the interior with updated floors in the bedrooms, new cabinets and appliances in the kitchen, and updates to the bathroom vanities. This strategy will delay listing the home for sale by at least 4-8 weeks weeks and will cost the most money – $25,000 or more. With these improvements, we expected a sale price of $470k or more.
Our seller decided on strategy B and followed our recommendations for several high impact improvements to enhance the appeal and value of his home. Our seller spent $8,100 on the following improvements:
Enhance Curb Appeal – Overgrown bushes, dead grass, and old tree clippings piled next to the curb greeted us our first time at the home. A huge turnoff for buyers. Our seller enhanced the curb appeal with new grass, trimmed the trees, and repainted the exterior of the home.
New Paint – interior and exterior. According to Brooks Painting, you can expect exterior paint on stucco to last around ten years. That was the case for this home. Rather than put it off for the next owner, our seller elected to have it done before selling. He stayed with the same color palette for the exterior and went with neutral colors on the interior to appeal to as many buyers as possible. Cracks in the stucco were also repaired during painting, an item that can come up during a home inspection because of the potential for water intrusion.
Refresh Landscaping – Front and back. Dead grass and overgrown bushes give the impression of neglect. Buyers see an added expense and start factoring in the cost for new landscaping. By planting new grass sod and trimming the trees and bushes, our seller turned his below average yard into an enjoyable space buyers could picture themselves spending time in.
New Carpet – After several years as a rental, the carpet in the bedrooms was worn out and faded. A quick replacement of the bedroom carpets gives buyers have one less thing to worry about, and helps to justify a higher asking price.
Deep Clean – Nobody likes a dirty home, especially if you’re considering buying it. Paying to have the home professionally cleaned is one of the most cost effective things a seller can do to enhance the appeal of their home.
Utilize “Coming Soon” Marketing – We began marketing the home weeks before it hit the market. Our clients home was posted and shared on social media, specifically targeting home buyers looking in the area. We also utilized zillow.com’s “coming soon” feature, in addition to emailing our database of clients and REALTORS® in Scottsdale.
The result of these improvements, combined with our “coming soon” marketing strategy? A full price offer at $440,000 after only ONE day on the market. How does that compare to other sales in the neighborhood?
8320 N 85th Place • 4 bed, 2 bath, 1,748 sq. ft. • Sold for $404,000 on July 27th after 85 days on the market
8635 E San Alfredo Dr • 4 bed, 2 bath, 1,748 sq. ft. • $440,000 on October 20th after 28 days on the market.
Our seller was able to sell his home for $36,000 more, nearly 9% higher, than a home with the same floor plan that sold only three months earlier.
It’s easy for sellers to talk themselves out of investing money into their home because they don’t think the changes (things like painting, replacing worn out flooring, updating the landscaping) will net them more than what the improvements costs. This is a great case study to show how a small investment into your home can have a HUGE impact on selling your home faster and for more money; without the need for major remodeling.
For more insight and advice into ways you can increase the value of your home and shorten the time it takes to sell, subscribe to our newsletter. Have questions about buying or selling your home? Contact us at 480-648-9253 or info@CarmelleAZHomes.com. No matter your specific goals, we’re committed to helping you succeed.