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Browse the siteJuly 21 2021
Raised on a consistent diet of DIY and designer lifestyle television, paired with endless streams of Instagram-worthy home inspiration, today's Renovation Generation of home sellers and buyers have varying wants and expectations when selling and buying a home, and there is a significant disconnect among them. Coldwell Banker Real Estate LLC recently commissioned a survey of over 2,000 U.S. adults, conducted by The Harris Poll, exploring the difficulties of the home selling and buying process as well as the challenges around home renovations during those processes. The survey found that Americans of all generations understand the power of making upgrades to their homes to get more bang for their buck. In fact, 89% who have sold their homes in the past three years reported that they made upgrades before selling.
Challenges come into play around where to come up with the money to renovate and where to focus those dollars. Of Americans that have sold their homes in the past three years and made updates before selling, nearly one-third (each) said the whole process was stressful, they struggled to find the money to make updates to their home before it was put on the market, and they had the money to make updates before listing but struggled to understand the best updates to make to get the most ROI.
The RealVitalize program, combined with the expertise of Coldwell Banker affiliated agents, provides a powerful advantage for sellers looking to sell their home faster and for a better price. It also removes the stress of finding funding for projects as money is paid back during closing. The program draws from a pool of expert professionals from Angi, the nation's largest network of pre-screened, homeowner-rated service professionals. Clients are connected with top-rated local pros to ensure the job gets done right.
Popular projects that home sellers have been enjoying include: painting, curb appeal enhancements, cleaning, renovations, staging and handyman services. Coldwell Banker agents have seen great success for their clients with this program as homes sell both faster and for a better price.
Unsurprisingly, moving into a freshly renovated home is desirable for any aged buyer but one demographic stands apart. Over one-third of Golden Millennial homeowners (aged 35-40) surveyed are more likely to want to move to an upgraded home compared to other generations, particularly Boomers. In true Renovation Generation fashion, 91% of the same homeowners are making updates to their home before selling. While the idea of updating before listing is on track, without the expert guidance of a real estate professional, there is often a miss on where to focus dollars and efforts. Forty percent of Golden Millennials respondents found that after making updates to their homes, additional repairs were still needed after the inspection.
Although the hot real estate market poses both incentives and challenges for sellers, it's still a sellers' market with one in five homeowners surveyed (21%) saying that they plan to sell their current home in the next 12 months.