Hamilton Herald Masthead


Front Page - Friday, October 28, 2022

Looking for a way to make your listing stand out? Look down

Housing statistics across the country show that the nation’s real estate market is cooling from being red-hot over the past few years.

Even before the pandemic, housing inventory was a significant issue. Now that the market has cooled, homebuyers are finding more choices than they would have a few months ago.

While buyers are enjoying the increased housing inventory, the flipside is that sellers are now looking for ways to make their property more attractive to prospective buyers.

One way to bolster a home’s appeal is to take a close look at possible renovations. But which renovations give homebuyers the most “bang for their buck?”

That’s where the National Association of Realtors comes in. A few months ago, the NAR released its 2022 Remodeling Impact Report. In the report, researchers took a deep dive into why a homeowner remodels, the outcome of taking on projects and the increased happiness in the home once a project is completed.

The report also contains the typical cost of 19 remodeling and replacement projects, as estimated by members of the National Association of the Remodeling Industry.

So what were the main takeaways from this report? Dr. Jessica Lautz, NAR’s vice president of demographics and behavioral insights for research, says hardwood flooring came out on top.

“Hardwood floor refinishing and putting in new wood flooring had the most significant value, and these projects also had high Joy Scores among homeowners,” she says. (The NAR calculates Joy Scores for each project based on the happiness homeowners reported with their renovations.)

“Hardwood flooring looks beautiful in photos and videos, can be easier to clean for new pet owners and adds warmth to a home that’s appealing to both buyers and owners.”

Interestingly, hardwood floors were more desired than kitchen-related projects, Lautz added.

“While most of us spend a great deal of time in the kitchen eating, cooking and working, kitchen-related projects don’t bring the highest return on value or the highest Joy Score, according to this year’s report. We all use the kitchen differently, so there’s room for interpretation.”

So, if you’re looking to sell your home in a more competitive market, the key to attracting more offers might be a hardwood flooring project. But whether it’s a buyers or sellers market, utilizing the expertise of a Realtor will help ensure you get the most out of your most valued investment.

Realtors work for their clients and communities in all kinds of markets. That’s Who We R.

Founded in 1912, Greater Chattanooga Realtors is a regional organization with more than 2,500 members servicing Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade and Walker counties in northwest Georgia. The association is one of approximately 1,100 local associations and boards of Realtors nationwide that comprise the National Association of Realtors. Greater Chattanooga Realtors owns and operates a multiple listing service that’s one of approximately 600 MLSs in the country and services more than 2,700 users.