The December Household Spending Survey, published by the New York Federal Reserve Bank, showed a modest increase in household spending over the past four months, and a surge in the median expectation for year-ahead household spending to highest level since August 2015. Only 2.2% of households bought house or apartment over the past four months, lower than the 3.8% in… Read More ›
A recent NAHB study* found that COVID-19 has impacted the housing preferences of 25% of home buyers. More specifically, the survey asked about location preferences both prior to COVID-19 and now: did buyers’ preferred location change as a result of the pandemic? Results show that a segment of home buyers have in fact shifted their preference towards the outlying suburbs… Read More ›
The U.S. Census Bureau’s Survey of Market Absorption (SOMA) shows that the absorption rate of unfurnished, unsubsidized apartments (the share rented out in the first three months following completion) fell by 5 percentage points to 51 percent in the third quarter of 2020 (from 56 percent in the third quarter of 2019) (Figure 1). The number of apartments completed rose… Read More ›
Whether you would like more space to accommodate a home office, gym or play area for the kids, the current home buyer’s market makes it an ideal time to make a change. If you are planning to sell your home to purchase a new one this year, it is important to make sure your existing home is presented in the best possible shape to attract bids from potential buyers. From freshening up the exterior of your home to addressing small home repairs, there are several ways to improve your chances of attracting a buyer.
Create Curb Appeal. Perspective buyers like to drive-by homes they are interested in before seeking out more details about their future home. Keep your lawn neatly mowed and tend to plants. Simple enhancements like a fresh coat of paint on the trim of your home or a new door are eye-catching features to help pique the interest of buyers.
Keep the Interior Tidy. Cleanliness inside your home is essential. Leaving your home unkept could turn away potential buyers. Thoroughly clean carpets, floors, baseboards, curtains, windows, and especially all the surfaces and appliances in your bathrooms and kitchens.
Tackle Indoor Odors. Ensuring your home looks inviting is important but so is the scent of freshness. To keep kitchen odors away, make sure the trash is removed and keep the sink clear of dirty dishes. Other odors in your home can come from dirty laundry or kitty litter boxes. Experts recommend tackling the causes of offensive smells first, instead of masking them with air fresheners.
Make Small Home Repairs. Everything should work in your home to help attract a buyer. If you ignore items like burned-out light bulbs or leaky faucets, it could raise red flags with buyers. Unattended items will be found by home inspectors, so it is best to address repairs promptly.
Declutter Living Spaces. Clear all bedrooms and living areas of personal items. Prospective buyers need to visualize their furnishings and possessions fitting in the space. Consider temporarily moving some furniture or boxes to the homes of friends or family or rent a storage space.
