What You Need to Know about the Supply Chain and Selling Your Home
Thinking of selling your home in 2022? Well, start preparing right now. This is the earliest I have ever recommended to Sellers that they prep for listing their home the following year. Typically, I begin meeting with Sellers for the new year in November. This year, we started meeting with Sellers in August. Why? Two primary reasons:
1. Home repair and painting contractors, who typically help our Sellers prepare their homes, are the busiest they have ever been so it’s important to get on their schedules! To get top dollar, most homes need some level of freshening up. This could simply mean decluttering and painting or it could mean other changes from replacing appliances to refinishing wood floors to replacing carpeting
2. In addition, there is a widespread lack of supplies contractors need to make the changes and repairs. Many products are sourced from overseas and are sitting in ports waiting for trucking companies, who don’t have enough truckers, to pick up the goods and get them to suppliers.
These two reasons present issues for Sellers trying to get their homes ready for sale in 2022. If you have not scheduled your painter, you may find they are now booked until spring or even summer 2022. Getting appliances, carpeting, tile, and skilled, trusted tradespeople into to your home to do the work is taking months of patience and preparation.
Home sellers’ challenge: Buyers do not want to purchase a home that needs remodeling, painting, or any kind of repair. Like never before, Sellers in 2022 will be faced with a new Buyer mindset. Buyers recoil even at the thought of replacing carpet, painting walls, or landscaping. They know how long it takes in today’s market to get these things done and how frustrating it can be to both find a good contractor and schedule the work. Sellers need to be prepared for the new world where Buyers expect homes to be HGTV-ready.
Houses that have new kitchens and bathrooms are selling at an even bigger premium than they were six months ago, and homes that need work sit on the market for longer and/or don’t get the return Sellers were expecting, as the cost of goods and services rise. We are seeing significant price increases to improve kitchens and baths and refinish hardwood floors. Even building a new garage which cost $20,000 in 2020 is now around $38,000 due to the increase costs in lumber, labor, and materials. Sellers need to be aware of inflationary concerns and supply shortages that are impacting real estate sales prices. The homes selling with multiple offers are move-in ready!
Selecting an agent who has a strategic sales plan for and strong relationships with contractors will be key to a Seller’s success. Rarely do I list a home without deploying my team of both in-house and external contractors and stylists to help bring a home’s best look to market. Does your real estate agent have painters, carpet installers, handymen, landscapers, electricians, and a professional stager as part of their suite of services? To get top dollar for your home, you will need a professional who not only knows what today’s Buyers want but someone skilled at improving the look of your home quickly before you go to market to meet Buyers’ needs.
We recently listed a property at on Larkin in Shorewood. This home took two months of preparation. We organized a whole-house painting team, handyman, landscaper, cleaner, junk removal and donations, and then professionally staged the home. Our strategic whole-house plan is implemented for nearly every one of our listings. I have spent years cultivating Powers Realty Group’s Concierge Services for clients and have partnered with Habitat for Humanity for donation services and junk removal. This 20 years of staging experience and remodeling our clients’ homes has consistently brought Milwaukee sellers some of Wisconsin’s highest sales prices for their homes. These services are now in the highest demand we have ever experienced.
Bottom-line: Meet with your agent now to schedule your repairs and painting as soon as possible to get top dollar for your home sale in 2022.
Powers Realty Group is a distinctive boutique real estate broker focused on the needs of customers delivering exceptional results. We are the trusted local experts. Call us today about buying or selling your home.Call Suzanne Powers