Curbio, Inc., the leading pay-at-closing home improvement solution for the real estate industry, today released its new Preparing to Sell: 2022 Home Improvement Report, a comprehensive report that analyzes thousands of projects completed by Curbio to determine which ones get homeowners the highest returns when selling, and surveys buyers on what they're looking for in a home.
Curbio conducted its homeowner insights survey to learn more about the misconceptions people have regarding pre-listing home improvements. The survey found that nearly half of homeowners (43%) don't think they need to update their house before listing it – but that is not what buyers think.
Some key buyer insights include:
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67% of potential buyers say they only consider homes with updated features and layouts
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68% of potential buyers say the biggest dealbreaker to buying a home is disrepair and wear and tear
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77% of potential buyers won't consider purchasing a home that isn't move-in ready
When renovating or making repairs to get a home ready to sell, different projects can result in vastly different returns. Data analysis of renovation projects across 30+ U.S. markets shows where sellers can get the most bang for their buck.
These are the top five home improvement projects that generate the highest ROI:
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Kitchen refresh (painting cabinets, new appliances, new countertops, updating hardware): 377%
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Refinishing hardwood floors: 348%
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Basic listing prep (interior electrical updates, minor fixes): 297%
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Roof replacement: 288%
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Carpet replacement: 280%
The Preparing to Sell report found that the project bringing the highest return is a kitchen refresh, with a 377% ROI; if a homeowner spends $15,000 to update their kitchen, they can expect to sell for an additional $71,550 – a $56,550 profit.
The data also shows that refreshing key areas of a home, like a kitchen or bathroom, deliver higher returns than full remodels. A bathroom refresh has a 256% ROI, and a full bathroom remodel has a 120% ROI.
"Sellers often have the misconception that putting work into the home means they need to fully renovate their homes before listing, but simple refreshes in your kitchen or to your floors actually have much higher returns and take a lot less work," said Olivia Mariani, Chief Marketing Officer at Curbio. "In a competitive housing market, it's important for agents and sellers to work to attract potential buyers and make a home stand out. We created this new report as a tool for realtors and their clients to make smart, savvy choices when getting a home ready to sell."
The housing market has slowed greatly since last year. According to the National Association of Realtors, home sales this April were 23% lower than last April – meaning the buying frenzy is over. Buyers now have more options to choose from, making the market increasingly competitive.
The report also found that 77% of homeowners said they would choose an agent who offered a pay-at-closing solution over those who didn't. Curbio makes it easy for agents and their clients by streamlining sourcing, project management and communication, and acting as the licensed, insured general contractor on all projects.
About Curbio
Curbio is on a mission to help real estate agents fix and update homes before they go on the market, so they sell quickly and for the best price, with zero payment due until closing. Founded in 2017, Curbio has quickly become the largest national home improvement company dedicated to pre-listing repairs, updates, and renovations. Curbio has modernized home improvement with an easy-to-use app that accelerates project timelines by 50%, while removing the delays, uncertainties and other frustrations that have plagued home improvement for decades. Their rapid time to listing, coupled with a turn-key approach and project ROI expertise, has made Curbio the most trusted fix first, pay-at-closing home improvement partner to thousands of realtors and brokerages nationwide, including eXp realty, RE/MAX, HomeServices of America, Long & Foster, @properties and many more.