If you’re buying a house, you want the best deal possible. If you’re selling a house, you want the highest price possible. Depending on which side of the table you sit, your perception of value may be very different. Certainly, there are some data points that will concretely affect value, like location, but as my husband always says, “Something is only worth what someone will pay for it.” 

Even in Seller’s Markets, Buyers are Pretty Shrewd

More times than not, buyers are pretty shrewd. A good realtor knows how to negotiate a deal that everyone can feel good about, but both parties will likely give on some things. If a buyer gets emotionally attached to a property, they may not see every scuff in the wall, but for the most part, they know what they want and they expect to get it. Buyer expectations have changed over the years. While most people don’t mind putting their own stamp on a home with paint, carpet, and maybe some extra built-ins here and there, they really don’t want to do major renovations, which in this market is a wise consideration. Construction costs are high; skilled labor is down, causing high demand; and builders are backed up a minimum of 6 to 12 months for larger projects. They certainly don’t have a ton of bandwidth for smaller projects.

Not only is it a wise investment, but it puts you in the driver’s seat. You get to plan when you want projects done. Kids going to camp this summer? Are certain seasons slower for you than others? Do it now, because right when you decide to sell, your daughter will be getting married, you’ll decide to go back to school, and your husband/wife will need major surgery. Murphy’s Law.

• If you’ve been meaning to paint, then go ahead.

• If there were things you said you’d switch out when you bought the house but never got to it, then get after it.

• Does that dingy back yard fence need a fresh stain or replacing? Put it into this year’s budget.

• If you’ve been meaning to declutter and reorganize, now’s the time! I’ve got a great thrift store you can donate to! Details below….

Why is it important to do these little things over time?

Because of the second law of thermodynamics of course! I’m only partly kidding here. The second law of thermodynamics is the law of entropy: disorder and chaos yield more disorder and chaos! That scuffed up wall isn’t going to paint itself and those old clothes aren’t getting any younger. Famous last words are: “Oh, this is our forever house. We’re never moving.” I said that in a house we built and we moved within 3 years…happens all the time.

A Good Handyman is Your Best Friend

In order to maintain the best value and take excellent care of your asset–not to mention your nerves–find a good handyman and do little updates over time. That way you don’t get into a full blown construction project because you’ve caught the issue before it got too big. You’d be amazed at how a low cost home improvement project can actually yield you thousands of dollars at the closing table. And if you do it over time, not only are you less overwhelmed and stressed, but you will actually get to enjoy the fruits of your labor!

I see it all the time: people stage their house to sell and say, “Why didn’t I do this years ago?!” If you don’t end up selling, then you get to enjoy your home anew and if you do eventually sell, you can do those last minute things that need to be done and get on with the good stuff: making some money!

• Get feedback from a realtor

Every once in awhile, walk through your house with a realtor you trust and get their feedback. They are in the current market and know what buyers are looking for. They can lend a professional eye. We can tend to be über critical of our own stuff and there’s no need to spend money and effort unnecessarily. Often the things that drive me nuts aren’t actually the critical items that need attention.

• Get your realtor to run some comps

Sold comps are the very best because they tell you market actuals. List price often just gives you a bit of pipe dream. You want actual numbers. If it sold at or close to list price then it was priced right. Staying informed of your market area is part of wisely caring for your asset. And ladies, don’t just leave this up to the men! You be in the know too!

CONTACT ME today for a free in-home evaluation and neighborhood comp!

• Use my Inspector Checklist to maintain your value and mitigate labor shortages.
  • I love this checklist. Even if you’re not getting ready to sell, this is a great resource to stay on top of keeping your property in tip top shape. Not only does it help maintain the highest and best value in your property, but it also helps you plan ahead and not have to do everything all at once if you do decide to sell. This is particularly valuable at a time when there is a major labor shortage. If you do have to sell in a hurry, then you aren’t bound to the unpredictable waves of labor supply and demand.

CitySquare Thrift Store,
1213 N Washington Ave, Dallas, TX 75204
Phone:

When you donate tell them Exodus Ministries sent you. When you do so, you are helping twice the amount of people. Not only do you get a tax deduction, but then the women and children at Exodus get store credit to be able to go and get whatever they need. It’s a win-win-win!