By Barbara Lehrer
Real Talk
Barbara Lehrer
Would you like to buy a home that needs no work? Wouldn’t everyone?
Homebuyers place tremendous value on properties that are move-in ready because the time, expense and stress of renovations can be overwhelming. Many buyers are willing to take on a larger mortgage if the home is beautifully updated and ready to enjoy from day one. That’s why turnkey properties continue to fly off the market.
For sellers, renovating before listing may seem like a daunting investment, especially if you’re already planning your next move. However, a thoughtfully updated home typically sells faster and commands a higher price.
The greatest return comes from working with an experienced real estate professional who can help you determine which improvements will have the biggest impact, recommend trusted vendors and assist with negotiating renovation costs. If your goal is to attract multiple offers, which is still very common in today’s market, your agent can guide you through every step of the process.
Although inventory has increased, there are still more buyers than sellers in many Connecticut communities. That means the right pricing strategy, combined with meaningful updates, can position your home for a quick sale.
Buyers continue to compete for desirable homes and are often prepared to pay more when they find the right property. Interest rates have not slowed demand as much as many expected. As I’ve said before, mortgage rates were around 8 percent for years, yet the housing market remained active.
The average sales price in Connecticut today is higher than it was two years ago. One contributing factor is that many Baby Boomers are empty nesters living in larger homes, which naturally raises the average price point. When these homes are updated and well maintained, they sell more quickly and for a higher price.
In many cases, the asking price is simply the starting point. Paying above asking price does not necessarily mean a buyer overpaid. When a home checks all the boxes in a market with limited inventory, buyers are often happy to pay a premium.
It is not uncommon for buyers to pay more than $40,000 over the asking price for the right home. That trend has continued even as more listings have become available. Buyers are searching for that special home: one that has been loved, cared for and thoughtfully updated.
Connecticut continues to thrive, and families seeking the desirable Milford and Orange communities remain eager to buy. While many of our homes are older, their character, convenient locations, quality schools and proximity to neighboring states make them highly attractive. Our region also offers a sense of stability and quality of life that continues to draw new homeowners.
Take good care of your home and always be ready for opportunity. You never know when your dream home will come on the market. I often receive calls from buyers who are also sellers, eager to see a home they’ve admired for years the moment it becomes available.
If you need more information on these issues, email Barbara.Lehrer@cbmoves.com.