Simple kitchen and bath improvements are what home shoppers desire the most, according to a new analysis released today by home-buying platform Knock. Although the housing market is fiercely competitive, an updated home still tugs at buyers’ heartstrings, selling an average of 30% faster than a home without improvements.
“Getting a home ready for sale can be a stressful experience, and the supply chain constraints and contractor backlogs brought on by the pandemic have made it even more difficult to get work done,” said Knock co-founder and CEO Sean Black. “Three years ago, homeowners had to put a lot more work into their home before listing it. However, even in the current market with homes selling in record time, the data continues to support the benefits of getting your home show-ready.”
The analysis found that homes with modern renovations sold in an average of eight days, compared to 12 days without improvements. Homes with two or more improvements sold two times faster – in an average of six days.
Interior and exterior paint is the most common home improvement with 70% of sellers opting to refresh their walls at an average cost of approximately $3,500. However, prospective buyers crush the most on freshly painted kitchen cabinets, a project that can be completed for $1,319 on average.
Home prep tips for sellers
Consistency is key when choosing which renovations to make. If one room gets a fresh coat of paint, it is important that the rest of the house does as well. Knock experts also suggest selecting neutral colors when updating paint, flooring and surfaces.
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With supply chain issues and home improvement projects on the rise since the start of the pandemic, lead times for making renovations have increased significantly, something that homeowners should keep in mind if they are thinking about selling this spring. The average time to schedule a renovation is between two to four weeks, and depending on the extent of the home improvement, it could take up to two weeks longer to complete the project.
For those who choose not to make updates, there is something to be said for curb appeal. Deep cleans of the interior, exterior and green spaces can make a big difference when it comes to a home selling quickly.