Nearly half of homeowners (43%) don’t think they need to update their house before listing it—but that is not what buyers think—according to a new report from Curbio.
Curbio’s new Preparing to Sell: 2022 Home Improvement Report surveyed homeowners to learn more about the misconceptions people have regarding pre-listing home improvements.
Key highlights:
- 67% of potential buyers say they only consider homes with updated features and layouts
- 68% of potential buyers say the biggest dealbreaker to buying a home is disrepair and wear and tear
- 77% of potential buyers won’t consider purchasing a home that isn’t move-in ready
- These are the top five home improvement projects that generate the highest ROI:
- Kitchen refresh (painting cabinets, new appliances, new countertops, updating hardware): 377%
- Refinishing hardwood floors: 348%
- Basic listing prep (interior electrical updates, minor fixes): 297%
- Roof replacement: 288%
- Carpet replacement: 280%
- The project bringing the highest return is a kitchen refresh, with a 377% ROI; if a homeowner spends $15,000 to update their kitchen, they can expect to sell for an additional $71,550 – a $56,550 profit.
- Refreshing key areas of a home, like a kitchen or bathroom, deliver higher returns than full remodels. A bathroom refresh has a 256% ROI, and a full bathroom remodel has a 120% ROI.
- The housing market has slowed greatly since last year. According to NAR, home sales this April were 23% lower than last April—meaning the buying frenzy is over. Buyers now have more options to choose from, making the market increasingly competitive.
- 77% of homeowners said they would choose an agent who offered a pay-at-closing solution over those who didn’t.
Major takeaway:
“Sellers often have the misconception that putting work into the home means they need to fully renovate their homes before listing, but simple refreshes in your kitchen or to your floors actually have much higher returns and take a lot less work,” said Olivia Mariani, Chief Marketing Officer at Curbio. “In a competitive housing market, it’s important for agents and sellers to work to attract potential buyers and make a home stand out. We created this new report as a tool for realtors and their clients to make smart, savvy choices when getting a home ready to sell.”
For the full report, visit https://go.curbio.com/roi.
