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For Sellers

To Renovate or Not To Renovate Before You Sell

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When thinking about selling, homeowners often feel they need to get their house ready with some remodeling to make it more appealing to buyers. However, with so many buyers competing for available homes right now, renovations may not be as vital as they would be in a more normal market. Here are two things to keep in mind if you’re thinking of selling this season.

1. There aren’t enough homes for sale right now.

A normal market has a 6-month supply of houses for sale, but today’s housing inventory sits far below that benchmark. According to the National Association of Realtors (NAR), there’s only a 1.9-month supply of homes available today. As a result, buyer competition is high and homes are only on the market for about 21 days, during which time many receive multiple offers from hopeful buyers.

In a competitive market that’s moving so quickly, it makes sense to sell your house when buyers are scooping homes up as fast as they’re being listed. Spending costly time and money on renovations before you sell might just mean you’ll miss your key window of opportunity. While certain repairs on your house may be important, your best move right now is to work with a real estate advisor to determine which improvements are truly necessary, and which ones are not likely to be deal-breakers for buyers.

Today, many buyers are more willing to take on home improvement projects themselves in order to get the home they’re after, even if it means putting in a little extra work. Home Advisor explains:

When it comes to the number of home improvement projects completed, Gen Z homeowners are leading the pack, completing an average of 3.5 projects. Millennials closely follow Gen Z, taking on an average of 3.3 projects, followed by Gen X at 2.8 projects. Boomers completed an average of 2 projects, and the Silent Generation completed the fewest projects, on average, at 1.8 per household. Compared to 2019, millennials are spending 60% more on home improvement and doing on average 30% more projects.”

In this market, it may be wise to let future homeowners remodel the bathroom or the kitchen to make design decisions that are best for their specific taste and lifestyle. As a seller, your dollars and time might be better spent working on small cosmetic updates, like refreshing some paint and power washing the exterior. Instead of over-investing in your home with upgrades that the buyers may change anyway, work with a real estate professional to determine the key projects that will maximize your listing, without overdoing it.

2. Focus on getting a good return on your investment.

When planning any bigger projects to tackle, you and your real estate agent will want to discuss the potential return on your investment and if those projects are worth the cost. Some homes do need a kitchen or bathroom renovation, roof repairs, or other major work, but definitely not all of them. You might be surprised by how well your house could fair in today’s sellers’ market. Hanley Wood states:

“The 2020 Cost vs. Value report shows a predictable increase in costs for all 22 remodeling projects but a consistent dip in the perceived value of those projects at the time of home sale, as estimated by real-estate professionals in more than 100 metro areas across the U.S. This results in a slight downturn on the return on investment for nearly all projects relative to the trends we saw in last year’s report.”

Ideally, homeowners getting ready to move should try to avoid over-investing in big renovations if they won’t make that money back when they sell their house. According to the 2020 State of Home Spending report from Home Advisor:

The average household spending on home services rose to $13,138, an increase over last year’s survey results, where homeowners who did projects spent $9,081 on average in 2019.”

Before you renovate, contact a local real estate professional to see if it’s the best course of action. You may find out that putting your house on the market as-is will help you sell quickly, and it may result in the best return on your investment. Every home is different, but a conversation with your agent is mission-critical to make sure you make the right moves when selling this season.

Bottom Line

We’re in a strong sellers’ market, and that means you have the leverage to sell your house on your terms. Let’s connect today to determine if renovating is really the best way to spend your time and money before you sell.

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For Sellers

What Every Homeowner Needs To Know In Today’s Shifting Market

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Here’s something you need to know. The housing market is getting back to a healthier, more normal place. And even though it may not sound like it, this shift is actually a good thing.

It’s what you should expect. It’s just that our expectations have been skewed by the intense seller’s market over the past few years.

But what you need to remember is: there’s still plenty of opportunity to be had if you’re thinking about selling – whether that’s next month or next year. You just need to stay up to date on what’s happening in the market, and have a strategy that matches the moment. Here’s your update.

1. Inventory’s Up. Buyer Power Is Coming Back.

According to the latest data, the number of homes for sale is rising back toward more normal levels (see graph below):

But inventory growth is going to vary a lot based on where you live.

If you’re in a market where the number of homes for sale is back to normal, buyers may have more sway than you’d expect. That doesn’t mean buyers have all the power – it just means they have more choices, so your home has to stand out.

But if you live where inventory is still pretty limited, you may see more buyers competing for your house.

No matter where you are, the key is to work with a pro who can help you adjust your game plan for your local market.

2. The Right Price Matters More Than Ever

With more homes to choose from, today’s buyers are quick to skip over homes that feel overpriced. That’s why pricing your house right is the secret to selling quickly and for top dollar. That’s a point Realtor.com really drives home:

“ . . . a seller listing a well-priced, move-in ready home should have little problem finding a buyer.”

Miss the mark, though, and you may have to backtrack. Today, about 1 in 5 sellers (19.1%) are reducing their asking price to attract buyers (see map below):

a map of the united statesHere’s how to avoid being one of those sellers who has to reduce their asking price. Danielle Hale, Chief Economist at Realtor.com, says:

The rising share of price reductions suggests that a lot of sellers are anchored to prices that aren’t realistic in today’s housing market. Today’s sellers would be wise to listen to feedback they are getting from the market.”

The best way to get that information? Lean on your local agent. They have the expertise to set a price that sells in any market. Because if your price isn’t compelling, it’s not selling.

3. Flexibility Wins Negotiations

Gone are the days of buyers waiving inspections and appraisals just to get a deal done. Now, because they have more homes to choose from, buyers are able to ask for things like repairs, credits, and help with closing costs. And data from Redfin shows nearly 44.4% of sellers are willing to negotiate (see graph below):

The takeaway? This isn’t a bad market. It’s just a different one. And it’s in line with more normal years in the housing market, like back in 2019. The savviest sellers are the ones taking advantage of every opportunity to work with buyers and make their house shine.

And it’ll help if you think of concessions as tools, not losses. Use them to bridge gaps, sweeten deals, and get across the finish line. And don’t stress. Since prices went up roughly 55% over the past five years, you’ve got plenty of room to make a concession or two and still come out ahead.

Just be sure to work with your agent to understand which concessions could be the key to sealing the deal.

Bottom Line

Sellers who are going to succeed in the weeks and months ahead are the ones who understand this market shift and lean into it with the right expectations and the right strategy.

Connect with a local agent and talk about what’s working in your area right now – and how to make those wins work for you, too – whenever you’re ready to make a move.

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Economy

Think It’s Better To Wait for a Recession Before You Move? Think Again.

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Fear of a recession is back in the headlines. And if you’re thinking about buying or selling sometime soon, that may leave you wondering if you should reconsider the timing of your move.

A recent survey by John Burns Research and Consulting (JBREC) and Keeping Current Matters (KCM) shows 68% of people are delaying plans to buy or sell due to economic uncertainty.

But it may not be for the reason you think. Not everyone is holding off because they’re worried. Some buyers are waiting because they’re hopeful. According to Realtor.com:

In 2025Q1, 3 in 10 (29.8% of) surveyed homebuyers said a recession would make them at least somewhat more likely to purchase a home . . . This reflects a common dynamic where some buyers see a downturn as an opportunity. If the economy enters a recession, the Federal Reserve may respond by lowering interest rates to stimulate activity, potentially putting downward pressure on mortgage rates and easing affordability concerns. As a result, buyers—especially those with limited down payments—might view a recession as a more favorable time to enter the market.”

And there’s some truth to the idea that a recession could bring about lower mortgage rates. History shows mortgage rates usually drop during economic slowdowns. That’s not guaranteed – but it is a common pattern. Looking at data from the last six recessions, you can see mortgage rates fell each time (see graph below): 

a graph of a graph showing the rise of mortgage ratesBut here’s what those buyers may not be considering. Many of those hopeful buyers are assuming something else will happen too – that home prices will drop. And that’s where history tells a different story.

According to data from Cotality (formerly CoreLogic), home prices went up in four of the last six recessions (see graph below)

So, while many people think that if a recession hits, home prices will fall like they did in 2008, that was an exception, not the rule. It was the only time the market saw such a steep drop in prices. And it hasn’t happened since, mainly because there’s still a long-standing inventory deficit, even as the number of homes on the market is rising.

Since prices tend to stay on whatever path they’re already on, know this: prices are still holding steady or rising in most metros, although at a much slower pace. So, a big drop isn’t likely. As Robert Frick, Corporate Economist with Navy Federal Credit Union, explains:

“Hopes that an economic slowdown will depress housing prices are wishful thinking at this point . . .”

Bottom Line

If you’ve been waiting for a recession to make your move, it’s important to understand what really happens during one – and what likely won’t. Lower mortgage rates could be on the table. But lower home prices? That’s far less likely.

Don’t wait for a market that may never come. If you’re thinking about buying or selling, connect with an agent to talk through what today’s economy really means for you – and make a smart plan that works in your favor, regardless of what the headlines say.

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For Sellers

Why More Sellers Are Choosing To Move, Even with Today’s Rates

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It’s hard to let go of a 3% mortgage rate. There’s no question about it. It’s the main reason why so many homeowners have delayed their move in recent years. But here’s something to consider.

While your low rate might be ideal, it doesn’t make up being too cramped, having a staircase your knees can’t handle anymore, or being 1,000 miles from your family. And those real-life needs are pushing more sellers off the fence despite today’s rates.

Data shows the share of homeowners with a mortgage rate below 3% is dropping as more people move. And, as a result, the share of homeowners taking on a mortgage rate above 6% is rising, too (see graph below):

The Biggest Reasons People Are Moving Right Now

Why are some homeowners willing to take on a higher rate? A survey from Realtor.com helps shed light on that. It shows 79% of homeowners considering selling today are doing it out of necessity. And that same survey says most of the necessary reasons people are moving are non-financial in nature (see graph below):

a graph with blue textDo any of these reasons resonate for you, too?

  • You Need More Space: Whether it’s a new baby, children needing their own rooms, or having your parents move in so it’s easier to take care of them, outgrowing your space can happen fast.
  • You Need Less Space: The kids are out of the house now and you’re craving a life that’s a little simpler. Downsizing can be a major relief: fewer rooms to clean, less to maintain, and lower utility bills, too.
  • You Want to Be Closer to Family: Whether it’s to help with grandchildren or care for aging parents, sometimes the pull of being near loved ones outweighs the math.
  • A Relationship in Your Life Has Changed: Divorce, separation, or moving in together after a marriage or new partnership – all can create the need for a fresh start and a new place to call home.
  • Your Job Is Taking You Somewhere New: If you finally landed your dream job or your partner’s company is relocating, you may need to move too.

What About Mortgage Rates?

Yes, experts expect mortgage rates to ease, but slowly. The latest projections show only modest declines this year – not the 3% you may be hoping for (see graph below):

a graph of blue barsSo, while waiting for a big drop in rates might sound strategic, it could just mean more time feeling stuck in a space that no longer fits. And for many, that waiting game has already gone on long enough.

According to Realtor.com, nearly 2 in 3 potential sellers have been thinking about moving for over a year. If you’re one of them, maybe it’s time to ask:

How much longer are you willing to press pause on your life?

Bottom Line

Maybe your current house fit your life five years ago. But that “for now” house you bought in 2020? It just can’t deliver on what you need in 2025. And that’s not just okay, it’s normal.

Mortgage rates are part of the equation, for sure. But the bigger question is:

What kind of home do you need to support the life you’re living now?

Talk to an agent about what’s changed, and what kind of move would actually take your life forward.

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Copyright © 2020-2025 Landshark Mark, LLC. All rights reserved.  
The information contained, and the opinions expressed, in these article are not intended to be construed as investment advice. Let's Talk Real Estate, Mark Sincavage, Landshark Mark, LLC and Keeping Current Matters, Inc. do not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Let's Talk Real Estate, Mark Sincavage and Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.