In a buyers’ market, sellers need to go the extra mile to attract potential buyers and incentivize a good offer. One of the best strategies for selling a house in a buyers market is to prep your home for sale and make it as turnkey and move-in ready as possible.
We’ve put together some tips on how to give your listing the boost it needs to grab a buyer’s attention.
How does your home stack up against the competition? Search comparable listings of Edmonton homes for sale in your neighbourhood.
What does “turnkey” mean?
The term “turnkey” generally means move-in ready. But determining exactly what that means for potential buyers can be tricky.
Generally speaking, buyers looking for a turnkey home want something that does not need any major repairs or renovations. This does not necessarily mean the home needs to be completely updated from top to bottom.
Rather, it means the home is sufficiently functional and structurally sound so that the new owners can move in comfortably without any immediate projects to complete.
Regardless of the type of market (sellers market vs buyers market) there will always be some buyers who prefer a turnkey property. For example, investors are particularly keen on buying homes that are ready to rent immediately.
Why does turnkey matter in a buyers’ market?
In a buyers’ market, there are more listings competing for fewer buyers. In this type of market, buyers can afford to be more picky. Even those buyers who typically wouldn’t mind completing some home improvement projects will be more discerning and will have higher expectations.
Buyers are far more likely to pass on a fixer upper for a comparable home that is move-in ready particularly if they are in the same neighbourhood. When selling in a more challenging market, investing in some key updates to make the home move-in ready can really help.
Best home improvements to prep your home for sale
To be clear, the expectation is not that your home must be fully renovated in order to sell it in a tough market. Realistically, a move-in ready home will look different depending on the buyer. But in general, there are a few key projects that add value and will get your listing noticed.
Focus on the kitchen and bathrooms
These spaces still tend to be the most valuable rooms in a home, so focusing your efforts on updating the kitchen and/or bathrooms will have the most impact.
Replacing outdated appliances, painting cupboards, adding a modern backsplash, or replacing countertops are great options for the kitchen. Updating tile, installing a double vanity, or replacing light fixtures in the bathrooms are also great updates to make.
Update outdoor spaces
Functional outdoor living space is like an extension of the total square footage of the home. Low maintenance decking, perhaps with a pergola or awning, is a great addition to a home that buyers will appreciate.
Paint and lighting
Don’t underestimate the value of a fresh coat of paint and a few updated light fixtures. Repainting walls and ceilings is a relatively low cost, high impact project. Opt for a modern, neutral colour throughout the home. New light fixtures in every room of the house is another relatively inexpensive update that will go a long way.
Replace big ticket items that are nearing the end of their lifespan
Discerning buyers will be less inclined to buy a home that needs something major replaced like the roof, furnace, or windows. Or if they do agree to buy your home and take on that work themselves, they’ll expect the selling price to reflect the cost of those necessary projects.
Completing these major updates prior to listing can give you a big advantage. Buyers appreciate the value of these types of renovations as well as the peace of mind knowing that these items should last for the next 10-20 years.
Energy efficient upgrades
Homebuyers today are also looking for homes with energy efficient features that will help reduce utility costs and improve sustainability. Upgrades such as solar panels, on-demand tankless water heaters, high-efficiency furnaces, and re-insulating your home are all great options that will be attractive to potential buyers.
Looking for professional advice on how to prepare your home for sale in today’s market? With nearly 20 years of experience in the Edmonton real estate market, Wally can help you prep your home for sale.
Call/text Wally at 780.238.7384 to get started today.