Thanks to a lack of inventory and a rising need for housing, the National Association of Realtors (NAR) forecasts high demand for homes in the Triangle area this year. With interest rate hikes pausing and expected to decline by the end of 2024, the demand for resale homes is more critical than ever. This creates a prime opportunity for homeowners to put their homes on the market.
Potential sellers are in a favorable position to sell quickly. Triangle MLS reports that homes are on the market for an average of 47 days before selling, often at or slightly below the original listing price. With a few strategic renovations, sellers can appeal to 2024’s buyers and ensure a fast, easy sale. Here are the updates that can make the most sense:
An Updated Kitchen
A modern kitchen is one of the most sought-after features buyers desire. According to HomeAdvisor, a full kitchen remodel typically costs between $14,611 and $41,437. However, remodeling purely for resale might not be the best investment, as typical renovations only see a 67 to 75 percent return on investment.
Instead, simple changes can significantly impact and help a house sell faster. For instance, replacing countertops with granite or quartz, which are popular in modern homes, costs an average of $3,119 nationally. Painting cabinets and swapping out hardware can refresh a kitchen effectively. Adding a kitchen island can also provide additional storage and prep space, which buyers appreciate.
Energy Efficiency
Energy efficiency is a top priority for many buyers in 2024. Homes with installed solar panels can expect an increase in value, with the National Renewable Energy Laboratory reporting an increase of up to $20 for every $1 saved on energy bills. However, it’s important to note that solar panels must be paid off before selling the house, so it’s not recommended to install them just before listing a home.
Simpler ways to make a home more energy-efficient include upgrading to ENERGY STAR appliances and LED lighting. Installing a smart thermostat like Google Nest, which monitors energy usage and detects homeowner behaviors to enhance energy efficiency, is another cost-effective upgrade. Buyers are increasingly interested in products that help reduce energy use and save costs over the long term.
Outdoor Living Spaces
Buyers continue to seek amenities that extend to the outdoors. Focusing on the exterior of the home is a wise investment for sellers. Patios, porches, and decks that are inviting can add instant value.
Homes with existing outdoor spaces can benefit from additional features in demand, such as outdoor kitchens with appliances, cabinets, and sinks, backyard barbecue equipment, and outdoor fireplaces. Enhancing curb appeal by planting flowers and trimming the yard and bushes can also create an attractive outdoor space to catch potential buyers’ eyes.
Smart Home Features
Today’s buyers are looking for homes equipped with smart technology for security and convenience. Smart home features increase a home’s value as they are in high demand nationwide.
Simple updates include smart locks with “If This Then That” (IFTTT) technology, which can be controlled via voice systems like Alexa or automated for safety. Video doorbells and smart security systems controlled from a wireless control pad can demonstrate to potential buyers that security is already integrated into the home.
Storage Space
Buyers are increasingly looking for more storage space in their homes. When they can see dedicated storage areas, it answers their demand, especially for first-time homebuyers.
Walk-in pantries with shelving and cabinets are particularly appealing and can be an easy addition that pays off. Adding storage to closets, laundry rooms, and garages, such as shelving, cabinets, and hooks, shows buyers there is ample space for all their belongings.
Consider Selling in 2024
With a favorable market and high demand, it’s an excellent time to sell and add inventory to the market this year. A few simple updates can make a resale home more attractive to buyers, ensuring a quicker and smoother sale.