It’s still a seller’s market across the country, which means that there are more buyers than homes for sale. In Portland, homes are still moving rapidly through the market as well. The need is high and the median sale price is still on the rise, settling in at $540k in May. In such a market, your home is pretty much guaranteed to sell, no matter what condition it’s in. So you may ask, “Should I consider any home upgrades before I sell?” The answer is… maybe.
If you can recoup your cost of the improvement, then definitely consider making the investment. Some home improvement projects will cost more than a buyer is willing to compensate you for. It’s best to talk to an expert before you make any major remodeling decisions prior to selling. (We know a few — contact us!)
But another question to ask is whether you can handle a remodeling project in the weeks and months before you move. There are a lot of moving parts, supply chains can be slow, timelines can shift, and you may also be hunting for a place to land after you sell. Consider all these things before you decide whether to take on a major project.
So what are the best home upgrades when you’re in a sellers’ market?
We list our top 3 below:
Fresh paint will bring you the highest return on investment. Every time. But the color matters. You’ll need a warm, neutral palette and one that’s light and bright. Unsure of what that means? We walk you through the details here. A clean, neutral color scheme throughout the home allows the potential buyer to feel cohesion as they walk through, one room flowing in to the next aided by your wall color choices.
People crave spaces that feel clean and bright. After an uncertain year behind us and a dark, rainy winter in front of us, consider updating your light fixtures. The style should match the architecture of the home. Not only can you update the lighting hardware, when it’s time to sell you can stage your home using light as well. Consider these lighting layers from highest impact to lowest:
- Overhead lights in the entryway, hallways, and each room.
- Floor Lamps
- Table Lamps
3. Outdoor Spaces.
A year at home has made buyers take a second look at all the useable space in a property, especially the outdoor spaces. Consider adding a patio or deck if you don’t already have one. (If you already have one, take some time and money to spruce it up with fresh paint or stain and a good power washing.) If you have the time, money, and wherewithal, think about adding an outdoor cooking and dining space. A fireplace can add all sorts of cozy attraction as well. This additional space outside your home makes your square footage seem larger, especially if this outdoor space is staged well.
But ultimately, each home is unique and what helps it sell is a case-by-case basis. We can do a walkthrough with your realtor and contractor to assess your home and make the best custom recommendations for home upgrades and changes that will have the greatest impact on your home sale and net you the greatest profit. Let’s chat about what this means for you.