Over the past couple of years, the national housing market has been operating at all-time highs because employers have been allowing employees to work from home, and many home buyers are looking for more spacious accommodations after spending much of their time inside throughout the coronavirus pandemic.
Although many experts in 2022 don’t expect to see a buyer’s market, many see home prices beginning to stabilize. Fortunately, homeowners have plenty of options to boost their home’s value and get top dollar for their space. If you’re looking to sell your home fast, the information below should help lay the groundwork for success.
Know your home’s worth
In the past, determining your home’s worth required paying a professional appraiser hundreds of dollars to visit the property and then draft a formal report. Today, however, homeowners are able to determine their home’s worth with only a few clicks by using free home value estimator tools.
These solutions use automated valuation models (AVMs) to process information from sources such as county auditor and tax assessor records, MLS listings and sales information, and user-submitted information such as number of bedrooms, a new roof, or a kitchen renovation.
Although home value estimator tools are a great way to get a general idea of your home’s value, they don’t account for the precise measurements of a home or condition of the property. The next step to determining your home’s value is to get a comparative market analysis (CMA) prepared by a local real estate agent.
CMAs use comps to determine a baseline for the home’s value, and then make dollar adjustments based on additional characteristics an AVM may miss, such as details gathered by conducting a walkthrough of the property. Keep in mind that this also is just a starting point, however it provides a great foundation of knowledge to build on.
Boost your home’s value with simple upgrades
Since home buyers are looking to take advantage of the outdoor space in their homes, you can instantly create luxury by adding a water element such as classic fountains or a backyard fish pond. Although it’s hard to pinpoint the worth of a water element since they’re more for aesthetics, they help make a property feel more luxurious and high-end.
Birdbaths generally cost between $60 and $300 and are a budget friendly addition to your home. Professionally installed fountains or waterfalls cost about $2,700 on average, however, they require less maintenance than birdbaths because the circulating water interrupts algae growth.
Another option is to add a koi pond to your backyard, but they cost $3,000 on average to install, and require professional excavation, lining, and filtration equipment.
Aside from adding a water element, you can enhance your backyard by adding string lights across your patio to give it a dreamy glow. String lights generally cost around $100-$200 for a 50 foot strand, making it one of the most budget friendly upgrades you can install.Keep in mind that the needs and wants of homebuyers varies from market to market, which is why you should always consult with a real estate agent when selling your home.