I am so happy that we’re finally enjoying the sunshine of May…That burst of amazing weather was AWESOME…I’m looking forward to the gorgeous days of summer! I’ve dropped a bunch of exciting area events below, but first I want to share some relevant real estate advice and updates.
Let’s talk about optimizing your real estate opportunities.
Here are a few REALLY key areas where listening to your trusted real estate professional pays in exponential amounts.
Question 1: “Is It Worthwhile to Renovate?”
Renovations play a big role in whether or not you will gain money down the road, when it comes to reselling your property. Banking money is preferable but sometimes losing money on improvements that you feel passionate about is worth it as long as you’re not blindsided by it.
If you want to try to “get out what you put in,” work with a trusted agent who can estimate the max you can sell the property for, considering factors such as location and market threshold. Believe m there is a max and an intelligent agent can guide you on that. Think of it this way: If your house is worth $1,000,000 max no matter what you do and you spend $1.5M on renovations, you’re investing more money into it than you will likely ever get back. Areas have sale price limits. The best way to enjoy your renovation is to know up front what the difference will likely be so you can proceed whichever way you choose and make informed decisions and choices. Pro-tip…Almost no one does this. So ahead of the game when you do!
You will always get a better ROI when you:
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Create more functional square footage, such as: adding a secondary space such as a sunroom, bedroom, main-level primary suite, or adding an office space. Be wise on outdoor areas…They are now very pricey but there are ways to do it cost effectively.
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Increase function in existing areas, such as renovating a kitchen or bathroom, opening up a floor plan to create better flow, redoing a back hall area, maximizing storage areas, creating a pantry or fitting a garage.
Of course, all of this comes with caveats. It’s important to consider the level of renovations you’re selecting. If you have a $700,000 house, level 5 stone or granite is likely more than a house at that level can handle resale wise. Consider selecting level 3 or less. These types of decisions during the whole selection process will make all the difference in your ROI. Enlisting the help of a talented designer to help with these selections is worth its weight in gold as they know WAY more on how to get the look for less than the average person. They also know where to NOT get the look for less to maintain the integrity of your home. KNOW where your home’s max value is. This is so important. On a personal level I was going to invest in a 3 season room in my own home. The estimate came back at way more than would be wise to spend in our neighborhood so we are doing a super modified version for a smarter investment.
Question 2: “Why and does it really matter who you choose as your agent?”
OMG…YES!!! This IS the single most important question in real estate today.
Many of our clients have bought and sold property before. Even those who are newer to the process have likely done a ton of research, or have friends and family members giving them advice. Lots of armchair real estate agents out there. Lots. It amazes me on a multiple times daily occurrence what home sellers are listening to and actually doing.
When you hire a wise agent and listen to their advice, you will have incredible outcomes. This is true, 100% of the time in my experience.
The people who struggle in the market (and by struggle, I mean sell at a lower price, experience an unusually long time on the market or have a less than desirable experience) are the ones who don’t listen to their agent’s expert advice. The most common example is a seller telling an agent what to list the home for. If an agent ever asks you what you would like to list for that is your queue to hire a new agent. Solid agents know very well what your list price should be. In this market so many people feel they know more than the agent. So often this ends up in the seller receiving much less than they would have had they priced correctly out of the gate. This is a hard one for sellers and agents. Trusting your agent in this crucial element is pivotal to your success or not. HUGE moment in the process.
Here are a few things a wise agent will do, in today’s market to maximize your outcome:
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Wait to price a property until the day we list it. Things change by the minute.
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Take the approach of investing in your optimal outcome vs being a discount agent.
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Invests their time in open houses, budgeting ample time to get the property ready, preparing materials, and marketing the property effectively.
This will result in a very different outcome from an agent that does not work these steps; we’re talking a difference of tens to hundreds of thousands of dollars in your sale price (have seen this every single time at these amounts). A discount agent will have zero prep, zero strategy, and zero marketing which will be reflected in the outcome you receive. Choosing an agent who invests in you vs saves you money is so key and very few agents today do that.
The bottom line: This is a great market for optimizing outcomes! But you have to know how to do it, and the way you do it is by working with and listening to a wise agent. We do this all day every day. I always say we can do this backwards, in high heels and in our sleep. We have a time tested proven strategy that creates incredible results and experiences for our clients. I wake up every day so excited about our team and what we are able to offer our clients! We are here to assist you…We are YOUR home asset resource.
Market Update
Just a couple of quick notes on what we’re seeing as far as a spring market. It has been delayed, but now that it’s May, we’re in full force. Slow start due to the uncertainty but wowza it is back! So far it remains a very competitive market with multiple offers across the board (with homes priced correctly).
Enjoy your summer kick-off this Memorial Day weekend! Thank you to all of those who have died in service to our country to make it the wonderful place it is today. With all the ups and downs there is not anywhere else I would rather call home. I love our country so much and am ever thankful and grateful.
