Should I Stay or Should I Go?
The age-old question; to fix up our home and stay where we are, or do we search for our dream home and move? These can be challenging questions, especially in today’s economy. I sat down with local real estate agent Katie Madden with Keller Williams of Central Pennsylvania to answer homeowners' questions around what updates to make if you’re going to sell versus what updates to make if you’re going to stay, to get the most out of your home.
First let’s talk about the real estate market, Katie can you tell us the current market conditions in our area?
Our market continues to be a Seller’s market as we have seen over the past year. Inventory is low which is causing buyers to have to compete when submitting offers. The interest rates of 2% are likely gone forever as they were not sustainable for our economy. Those with low rates may struggle with the idea of giving them up when purchasing a new home. Home sales are up 8.3% compared to last March. On average, homes in Cumberland County sell after 10 days on market. The median single family home sale price is up 7.9% at $310,017. That all said, there are still sellers that need to sell due to life circumstances and buyers who still need to buy. So the total number of transactions is still somewhat stable but moving at faster pace.
So if we’re thinking of moving, how do we determine the current market value compared to similar properties in our neighborhood?
Experienced real estate agents who specialize in your area can offer valuable insights into the local market and provide a comparative market analysis (CMA). A CMA involves evaluating recent sales of similar properties and considering factors specific to your home to estimate its value and give you strategies to maximize value given current market conditions.
Are there any specific renovations or updates that can significantly increase the value of our home?
This is a question that I am asked a lot! In my experience, homes with updated kitchens and bathrooms do impress home buyers. Curb appeal including fresh paint, landscaping, and lighting also help draw in buyers. First impressions are important! I also find that you can’t go wrong with energy efficient upgrades that can help reduce utility costs such as new windows, doors, and appliances.
Based on your experience, what is the typical timeframe for selling a home in our area?
Each home is different as it depends on location, property type, and pricing strategies. Resale homes near the median price point in Cumberland County sell in 10 days on the market compared to 9 days last year. Some properties such as farms, unique homes, or those in highly or less desirable areas may sell substantially quicker or slower than that number.
What are the potential costs associated with selling our home, including closing costs and real estate agent fees?
The cost associated with selling your home are the improvements necessary to prepare it for the market, agency fees, legal fees, state transfer taxes, HOA fees (if necessary), as well as any repairs that may come up as a condition of sale. An experienced Realtor will be able to provide you with an estimate of the costs associated with your home along with their market analysis so you can understand what you can walk away with at settlement.
Which areas of our home should we prioritize for updates to maximize return on investment if we're looking to sell?
Generally speaking kitchens and baths are always the priority, that all said I recommend having a real estate agent walk through your home before any major project to make sure that you are investing wisely and not missing any important details when taking on renovations.
Now that Katie has given us her professional insights around the real estate market conditions, let’s dive into how an interior designer can help. Based on Katie’s experience, kitchens, bathrooms, fresh paint and lighting are KEY to setting your home apart to sell. Hiring a professional to pull these areas together in an appealing and cost-effective way will get you the most return on your investment. But beware, there’s a reason shows like HGTV’s Love it or List it were around for decades, you may fall in love with these updates!
If you’re planning to stay and decide moving isn’t in the cards for you and your family at this time, a professional interior designer can help you maximize your home to work for you. Looking at layouts, color palates, functionality and cohesiveness of your home can go a long way to creating the spaces you’ve dreamed of. On the other hand, if you find your dream home, but a few rooms need a bit of *tweaking* - an interior designer can help you identify what’s necessary to bring your vision to life!
Hiring a professional to help you with these big decisions is crucial to either finding or creating the home of your dreams!
Many thanks to the wonderful Katie Madden, Real Estate Agent with Keller Williams of Central Pennsylvania for her collaborating on this article! You can contact Katie at:
P: 717-761-4300 M: 717-440-0604