Ask Phyllis: a blog series of frequently asked real estate questions. Email us here
Should we list now or wait until after the repairs are made?
Dear Phyllis,
I enjoy keeping up with real estate trends and reading your column. We have owned our La Crescenta home for over twenty years, and it now needs remodeling. At a minimum, we need about a month of repairs and improvements before we can list it. We plan to paint, refinish the hardwood floors, and update the bathrooms. Should we list the home now and explain the work we are doing, or should we wait until we complete the repairs before listing it?
JLE
Dear JLE,
I am delighted that you enjoy my real estate column. Don’t commit to any improvements in your home until you speak with a real estate agent or home stager. We are currently in a seller’s market with a shortage of homes for sale. Refinishing hardwood floors and repainting often seem like practical updates that should pay for themselves, but a real estate professional should help you decide before you proceed. They can also guide you on color selections.
The scope of repairs you should consider depends on several factors, including your home’s price range, the level of inconvenience you are willing to accept, and your expected return on investment. For example, refinishing hardwood floors can significantly disrupt your daily routine. A real estate agent can assist you in developing a workable (and realistic) list of repairs and a timetable.
There is nothing to prevent you from signing a listing agreement today. Many home sellers derive months of extra assistance from their Realtor by committing to hiring them early in the process. Your agent can start to advertise your home as “coming soon”; prepare marketing materials, etc. You have nothing to lose and everything to gain by involving a real estate agent early on in the process. We charge by the job, not by the amount of time it takes. Hiring a Realtor today will allow you an extra month or so of our knowledge and work at no additional cost to you.
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My friend in Arizona wants to sell and had a long list of repairs and improvements she planned. When she ran it by her realtor she was shocked to find many of the things she thought were a must were not going to help her bottom line at all. She has saved time and money and effort by consulting a professional
So often what home sellers think they should repair is not necessary.