What to update before selling
Simple kitchen and bath improvements can leave home shoppers swooning over a listing, according to a new study by Knock, a site about homeownership.
Homes are selling fast, but certain home updates can help them sell even faster. An updated home can sell an average of 30% faster than a home without improvements, the analysis shows.
Knock compared the average days on the market for homes that are updated before being listed with those that sellers leave as is. It pinpointed which home updates tend to result in the fastest sales.
“Getting a home ready for sale can be a stressful experience, and the supply chain constraints and contractor backlogs brought on by the pandemic have made it even more difficult to get work done,” says Sean Black, co-founder of Knock. “Three years ago, homeowners had to put a lot more work into their home before listing it. However, even in the current market with homes selling in record time, the data continues to support the benefits of getting your home show-ready.”
Knock was selected for the 2021 REACH class, a technology accelerator program through Second Century Ventures, the strategic investment arm of the National Association of REALTORS®.
Homes with modern renovations sold in an average of eight days, compared with an average of 12 days without improvements. Homes with two or more improvements sold in an average of six days, according to Knock.
The most common home improvement: interior and exterior paint. Seventy percent of sellers painted their walls, spending an average of $3,500.
But freshly painted kitchen cabinets, which cost an average of about $1,319, really help buyers fall in love with a house, the study shows.
Here are the updates that consumers say they most loved about a house.