Do Your Sellers Understand How Vital Curb Appeal is in the Current Market?
Although the return on investment for home improvements isn’t as significant as it once was, some home renovations are still wise investments and increase value, especially in a changing or down market.
The latest research finds that curb appeal can add “… up to 7% of a home’s value when sold,” according to associate professor Sriram Villupuram who led a study from the University of Texas at Arlington (UTA).
“The curb appeal premium is more pronounced during housing market weakness …” the study concluded.
Let’s look at some of the study’s findings that you can pass on to your listing clients to help them get more money at the closing table.
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When considering ways to increase curb appeal, you can’t go wrong by recommending your clients get new siding.
This will increase the homeowner’s “… home value by about $12,500, claims CreditKarma.com’s Andrew Dunn, citing a recent real estate Cost vs. Value report. “This also assumes that about 1,250 square feet of new siding were installed and represents a 67% return on investment,” he concludes.
If your listing lacks siding, urge your clients to paint the home’s exterior. While estimates of the ROI for fresh paint are varied, “…it’s the least expensive investment for the biggest return,” according to Jennie Norris with the International Association of Home Staging Professionals.
Be the agent-in-the-know by offering suggestions on current trends. These include “… colors in the ‘greige’ family,” suggests Mekaila Oaks at Redfin.com. She claims that Kelly Moore’s ‘Gallery Gray,’ with ‘Desert Shadow’ as an accent color, will have buyers getting out of their cars and in the front door.
Add new windows
Not only will the addition of new, energy-efficient windows offer an 85% return on your client’s investment, but they may just be able to get a nice tax credit to boot.
Suggest to your clients a visit to energy.gov to learn how to shop for energy-efficient windows.
Spiff up the landscaping
Landscaping renewal’s ROI has been the subject of many studies over the past decade. “Numerous studies have shown that trees increase the value of a property from 3.5 to 27 percent,” according to the experts at the Arbor Day Foundation.
They go on to say that “An analysis of 844 single-family homes that sold in Athens, Georgia, revealed that houses with an average of five trees (regardless of species) in the front yard sold for 3.5 to 4.5 percent more than comparable houses without trees.”
Recommend that your sellers visit ArborDay.org’s tree database to find trees growing well in your area.
Then, suggest they remove weeds, green up the lawn, plant some color and apply fresh mulch to the beds.
There are workarounds to the uncertainty of the current market. Ensure your clients understand that curb appeal can either compel buyers to get out of the car to view the rest of the house or drive to their next showing.
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