The local real estate market continues to chug along as we enter the fourth quarter of 2023. Although the average DOM (Days on Market) is higher than in recent years, we still see some Trophy Club homes moving quickly. The dominant influence on home sales has of course been the rapid run-up of mortgage interest rates over the past 12 months. However, there are more than enough willing buyers out there. Most of the Vivian Real Estate Group's listings this year sold in less than one week.
But, the fact remains that sellers face a bigger challenge today - that their home will either take a long time to sell or not sell at its full market potential. How is it that some places languish, while others find a qualified buyer very quickly? We believe the answer lies in the planning and execution of thoughtful home updates before your house hits the market.
Kristin and I have been encouraging sellers for quite some time now to make sure they prepare their home prior to listing it with us. This approach sets our Vivian Real Estate Group sellers up for success. When it comes to home updating, we're often asked questions like the following:
- Where should I focus my time, energy, and most importantly, my resources?
- What improvements contribute the most to resale value?
- What should be my highest/lowest priority?
Without regard to the cost of the improvement, here is our list of the most impactful things you can do to get your home ready to sell, in rank order (roughly). Of course, cost is an important consideration for most of us, so what we recommend is that sellers choose the highest ranked improvements their budget will allow. The key here is getting the biggest bang for your buck!
Pools Rule: If you do not have one already and are so inclined - consider putting in a pool. Although not everyone wants a pool, the number one factor in increasing the value of the home and reducing its time on the market is a pool and/or outdoor living space. Trophy Club homes with pools command a 15% or higher premium. They sell, on average, 3 weeks faster than those without a pool.*
Other great ways to wow buyers:
- Update kitchen.
- Revitalize primary suite bathroom.
- Replace worn-out carpeting/flooring.
- Paint interior in neutral, on-trend colors.
- Spruce up secondary bathrooms.
- Freshen up landscaping
- Power-wash exterior / stain the fencing.
These are just some of the ways the Vivian Real Estate Group can help make sure your home selling experience will be a good one. We price your home correctly and market it to the right audience to get it sold faster and at a higher price than others.
Call Kristin today (817)542-8772 for a free consultation.
*Based on MLS data: Sales of Trophy Club homes with and without a pool, by size of home, past 365 days.
Written by Allan Vivian
