We live in Durham, NC, and are putting our house up in March. Our development is older but very desirable due to all the trees, large lots, and miles of trails. Houses often sell within a couple of days on the market. We’ve invested $35k on remodeling and will stage the property, but what else can we do to increase appeal or mitigate objections? Also, considering the potentially volatile economy in 2025, should we buy another property sooner, wait for prices to drop, or hold onto cash despite projected inflation rates? Professional opinions please. Thanks.
If the local market is that hot, as long as your house has no major issues, you shouldn’t have to do much else. Major upgrades that don’t add square footage often don’t add much value, so I’d hold off unless local comps have those upgrades.
Get a professional opinion on the house-related questions from your realtor. No one has answers to the economic questions.
There’s no indication prices will actually drop. If we go into a recession, home prices could tank due to job losses, which would affect your equity. Possible solution: if affordable, put some equity down and stash the rest of your cash. If you plan to stay long-term, consider refinancing when rates drop. If it’s too risky, renting might be a better option. Your home seems to check all the boxes for a quick sale, so focus on your financial future.
I hope you got some enjoyment out of your remodeling, because you’re unlikely to get that much back. Your best bang for the buck is to clean everything, declutter, enhance curb appeal, and fix anything broken. When showing, open all curtains and turn on lights. A tube of cookie dough is cheap and makes your home smell amazing. Forget about scented candles.