Not sure where to start? These five tips will give you the best bang for your buck.
In fact, our average sales price rose from $844,769 in March 2022 to $898,900 in March 2023, which is a 6.4% increase from last year, and price per square foot has increased from $388 to $392 respectively. “So, if you’re expecting a crash to make housing affordable again, you may be waiting a while,” according to The Wall Street Journal.
Yet our differences end there and the commonality both locally and nationally is the lack of home inventory available. Currently, there are 91 active single-family homes, which is approximately three months of supply. Traditionally, in a balanced market where there are equal numbers of buyers and sellers, there should be five to seven months of inventory available. In addition, because of the severity of our winter snowstorms, we possibly have pent up buyer demand simply because of challenges associated with showing or listing a home with four feet of powder piled up on walkways.
Would-be sellers had difficulty preparing their homes for sale with the massive amounts of precipitation; thus, this spring will likely be heating up prior to our summer peak selling season – most of us wish the weather would do so as well! While March 2023 experienced absorption of only 31 single-family homes versus 76 in March 2022, or 59.2% fewer homes sold year-over-year, April is primed and ready to yield much more. How much more is the (almost) million-dollar question.
Although inventory is low, buyers are more discerning with their preferences, which could be caused in part by the increased interest rates making buyers ponder purchases more deeply – seen in longer days on market. As is always the case, but more important now than ever, it is imperative to fully prepare a home for sale. There are a few items on the checklist that don’t cost much and one that can actually provide some cash back. The bottom line is these updates will increase the value of your home plus the enjoyment factor.
Not sure where to start? These five tips will give you the best bang for your buck.
Clean and declutter – make your space look bigger by removing the excess furniture and clutter that accumulates. Call The Barn Bros and they will come to your home and pay for items and even haul them away.
Freshen up with paint – this easy DIY project can instantly transform your interior from drab to fab. A modern white will not only look fresh on walls and ceilings but can brighten up rooms to give the illusion of a larger home.
Lightly update the kitchen – simply coordinating appliances (no mismatched white stove with stainless steel refrigerator), painting cabinets and installing modern hardware can provide makeover magic. Dated kitchens are reimagined with these updates.
Enhance curb appeal – little things like washing exterior windows, removing pine needles and updating planters make a big impact to the tune of a 7% increase in value, according to a University of Alabama study.
Stage your home – 73% of staged homes sold for over list price and moved off the market nine days faster than average, according to the Real Estate Staging Association.
Want more ideas? Come to these local community events.
11 a.m. – 2 p.m., Saturday, April 15
Spring cleaning and decluttering event at The Barn Bros new location, 2160 E. Route 66, Flagstaff.
1-3 p.m., Saturday, April 29
DIY interior design class at Continental Country Club (open to the public), 2380 N. Oakmont Dr., Flagstaff. FBN
By Lori Anna Harrison
Lori Anna Harrison is a Flagstaff native and 19-year real estate veteran commencing post graduate school with Shea Homes. Lori is a full-time licensed REALTOR® with Zion Realty, LLC. Call her today at 928.396.5851 or text 602.524.5674, email lori@AZdreamlifestyle.com and visit AZdreamlifestyle.com