As many of you know, we have seen a substantial shift in the housing market, primarily due to the rapid increase in interest rates. There are mixed opinions on where mortgage rates are going, but I believe higher rates are here to stay. New construction homes likely won’t come down in price due to high material cost, but we are increasingly seeing price reductions on existing homes.
Houses that are still selling are houses that have high quality of work done and are mostly updated throughout. Back in the spring, everything was selling for over list price and the quality of work inside the house didn’t matter. Today, a house must be in great shape and the quality of work needs to be above a “Do It Yourself” (DIY) level.
When it comes to making home improvements, I can’t stress enough the importance of quality work. There were many houses back in the spring and winter that I walked with buyers where the work was done by the homeowners. I always admire someone trying to do their own home improvements, but I would advise them to do lots of research on techniques to maintain high quality of work. In today’s market, either your home will sit on the market or sellers will ask you to fix these defects in order for the deal to be done.
Here are some tips to keep your house looking great and make it stand out above the rest of the houses on the market.
Most everyone can paint, but not everyone can paint well. Doing a quality paint job takes time for newbies and patience is required because sloppy paint work shows. Plan for 2 coats of paint for walls and especially on trim. Tackle a small room first so you can get an understanding of how long painting can take.
If you need help choosing paint colors, google Sherwin Williams popular colors. The 2022 color of the year is Evergreen Fog and their website shows colors to pair it with. It’s a little easier than going through the store and trying to pick between their thousands of colors.
You have many options when it comes to flooring but the only one I would suggest for installing yourself is luxury vinyl plank (LVP). Each type of LVP is slightly different in how it assembles together and it takes a little time to learn.
I recently completed an install for my mother-in-law. She purchased the Sono Eclipse by Inhuas from Nebraska Furniture Mart. The assembly was pretty straight forward and the product appears to be a very high quality product for a great price (less than $4/sqft).
Before you do a flooring project, make sure you do some research on some of the intricacies of flooring install. Watch YouTube videos on preparing the subfloor, cutting around corners, cutting under door jams, installing transition pieces, and installing/replacing the trim. If you go with the motto “do your best and caulk the rest” on your trim install, it won’t look great for that future buyer.
My personal preference is to keep carpet in the bedrooms and LVP in other areas of the house.
The housing market has shifted drastically in a short amount of time. In the old housing market the houses that had sloppy paint work, excessive caulking on baseboard trim, broken screens on windows, and other general deferred maintenance would still sell the first weekend on market. In this new market we are in, those houses are sitting and being forced to do price reductions. Stay up on your housing projects and if you ever need an opinion on your house situation, you can reach out to me anytime.