Curve

Home sellers: Want to triple your profits? Do this one project

Aly J. Yale
The Mortgage Reports contributor

A triple threat

Data shows that recent home sellers got an average of 7 percent more than their asking price. But those who did additional construction before listing? They got three times that.

Verify your new rate (Aug 20th, 2019)

Projects that boost your sales price

According to analysis from Porch.com, the average seller sets 6.8 percent more than their desired price. Those who perform an extra construction project before moving get 21.1 percent more.

Other projects that mean high dividends include renovating multiple bedrooms or bathrooms (14 percent), purchasing new appliances (11.5 percent), renovating a single bedroom (9.5 percent), kitchen renovation (8.2 percent) and repairing or painting the exterior (6 percent).

Is the highest offer always better when selling a house?

Still, even with these projects complete, the report says pricing the home accurately is key.

“Despite the details that go into selling a home, the most important is often how much to list it for once your renovations are done,” the report reads. “While homeowners don’t want to overprice their property for fear of driving away potential buyers, if you undervalue your home, you may leave cash on the table after it hits the market.”

What’s the best time of year to sell a home?

What agents recommend

The report also looks at agent recommendations when it comes to pre-listing projects. According to the data, agents are most likely to encourage painting the interior.

They also often recommend doing interior and exterior repairs, renovating the bathroom and kitchen, painting the exterior and updating the landscaping.

They’re least likely to recommend a new hot water heater and additional construction to the home (the most lucrative project a seller can take on).

Verify your new rate (Aug 20th, 2019)

Get today’s mortgage

Thinking of selling your home and buying a new one? Then shop around and see what mortgage rates you qualify for today.

Verify your new rate (Aug 20th, 2019)