I know, we too are anxiously awaiting Chip and Jo’s new television network… but we’ve got some reality here for you about those “reality” home improvement shows. HGTV has brainwashed us into thinking real estate transactions only take 30 minutes, that a subway tile backsplash is more important than an old HVAC unit, that you can fully renovate a home for $9k in six weeks, and that you only need to see three houses before you find your “forever home.”
Buyers have unrealistic expectations about what is on the market; believing that they will be able to find a new build in a great location that fully meets there tastes and checklist within a two-mile radius of their workplace, while sometimes that dream home is out there… but most of the time it is a PROCESS. You either end up cutting your “must-haves” or you move further away from where you really wanted to be so you can have more space, or you have to up your budget to get everything on your list.
Meanwhile, sellers believe that because they recently replaced their countertops they can ask $30k more for their home than what it’s really worth. There’s a real lack of transparency in these fixer-upper shows. The truth is, there’s no magic HGTV pill that’s going to outweigh nearby comps and current market conditions.
Sure staging your home and a few quick updates can help get you top dollar for your home… but it’s not guaranteed. Curb appeal and upgrades can assist in increasing the value of your home, but fundamental elements such as square footage, a new roof, a fully functioning HVAC system… those are core features that buyers and sellers should be most concerned with. And, on average, it takes looking at around 10 homes before you find “the one.”
Now, please excuse us while we start another episode of Property Brothers.