| A study conducted in March 2006 by the Home | | | | competition and they're hoping their efforts will bring |
| Improvement Research Institute (HIRI) has shown that | | | | higher offers from buyers. In the HIRI survey, one-third |
| nearly half of all sellers are working on projects to | | | | of all respondents said they had made the repairs to |
| make their homes more saleable. Almost two-thirds of | | | | make a more favorable impression on buyers, and |
| those fix-up projects (some 61 percent) are being | | | | that's generally a sound investment. History has shown |
| done before the property is on the market.The study | | | | that curb appeal is a huge factor in prompting buyers |
| also found that some 12 percent of the work is being | | | | to make offers. The National Association of Realtors |
| done after an offer has been made on the home, | | | | says that half of home sales can be linked to a |
| which represents an doubling since the last HIRI survey | | | | house's appeal from the street. |
| in 2004. Many brokers see this as just another | | | | Sellers often made the upgrades at the suggestion of |
| indicator that the housing market is slowing down. The | | | | a real estate agent. In fact, some 78 percent of |
| survey found that one-in-four repairs involve | | | | respondents said that their agent had recommended a |
| replacement of flooring, although the study didn't ask | | | | repair or upgrade, although nearly 15 percent said that |
| why the flooring was replaced. It's possible that a | | | | the repairs had been prompted by a home inspection |
| sizeable amount of that 25 percent of actually may | | | | report. Another indicator is that homeowners were |
| involve upgrading the flooring to hardwood, tile, or new | | | | slightly more apt to employ professionals to do the |
| carpet. | | | | work in 2006 than they were in 2004, showing that |
| A slightly lower number of repairs, some 22 percent, | | | | they not only want the work done, but they also want |
| according to the survey, involved painting, whether | | | | it done right to give their homes a competitive edge. |
| interior or exterior. This could be in part because | | | | Professionals will generally get the work done more |
| homeowners know that new paint is a relatively | | | | quickly, as well.Homeowners are increasingly beginning |
| inexpensive way to give a home a fresh new look. | | | | to feel that they need to do something extra to attract |
| Exterior structural work, including new windows and | | | | buyers, and the HIRI figures would seem to indicate a |
| siding, was next on the list, coming in at 12 percent of | | | | slowing market and increasing competition for buyers. |
| the repairs listed in the survey. That was followed by | | | | The figures would also seem to indicate that |
| electrical work and exterior landscaping, which came in | | | | homeowners may be forced to spend more money to |
| at 9 percent. The reasons for spending money to | | | | make their homes more attractive to a dwindling |
| upgrade before selling a home are obvious. Sellers are | | | | number buyers as 2006 rolls along. |
| hoping to give their home an edge over the | | | | Copyright © 2006 Jeanette J. |