Real Estate Market
Adding Value to Your Home Sale
The real estate market locally in Bedford, throughout the state of New Hampshire and the country, has been on an upswing since 2012. The amount of increase in value since April 2020 is like nothing the industry has seen before. As I write this well in advance of the publish date, it’s hard to predict what the market will bring this summer and into the fall season; however, after being in my profession for 15 years, I think the real estate market will still be strong for some time.
As a REALTOR®, I’m always checking the local and national trends, affordability index, year-over-year inventory, etc., as these trends affect my strategy (pricing, staging and marketing) when listing homes and writing offers for buyers. For example, in March of 2022, the median price of a single-family home in Hillsborough jumped to $440,000 – 21% higher than in 2021. This is $30,000 above what had previously been the highest watermark set last August. And, for the first time, we’re seeing people who purchased homes in the past year, two to three years, and four to five years, sell for profit, while in the past, most sellers were in their homes for about seven or more years on average.
No matter how fast or slow the real estate market may be, there are always things you can do as a seller to bring the most value, as well as make your house the “shiny penny” so it stands out among the competition. The quality of upgrades varies based on price point, but here are some ideas to bring more value when selling:
- Curb appeal and adding outdoor living space. A new front door, mulch bed and plantings will go a long way! You only get one first impression, and buyers can make up their minds walking up to the front door. Spruce up your curb appeal, and if possible, add some outdoor living space, including a patio, fire pit and/or even expand your deck.
- Kitchen trends. Ask your REALTOR® about the latest trends, and consider making any updates, including upgrading counters to quartz, adding a tile backsplash or even just new hardware to change the personality of your kitchen.
- Work from home space. Do you have a home office? Most buyers today are looking for a home office – or two – when looking for their next property. Even if you don’t have a space, stage one. Not using the formal living room? Do you have a finished room in the basement? It’s now your new home office.
- Changing light fixtures. This is one of the simplest updates to make. Still, have your original builder-grade light fixtures? Spending a little on new, modern light fixtures changes the feel of a space dramatically for little money.
- Lastly, a simple can of paint. As REALTORS® like to say, it’s $100 in the can but thousands on the wall. And it’s true! It’s amazing what a neutral, clean paint job can bring to a space. Not sure which color? I always work with talented home stagers in town who bring their color palette knowledge to the table. “Graiges” are still in (gray-beige, if you will), but don’t be afraid to add a pop of color to a space. If you’re interested in selling your home, I always offer a walk-through prior to listing to see what we can do to enhance your value, lessen the amount of time on the market, and bring you the most money. It’s well worth the time and effort to bring you a quick and stress-free sale.