Home upgrades can pay off when it’s time to sell

A picture perfect bathroom, a stunning designer kitchen and the scent of freshly painted walls can all work in favor of a seller who is looking to attract a buyer. According to a new study by Knock, a homeownership site, an updated home can sell up to 30 percent faster than a home without any improvements.

Although homes in the current market are selling at a record pace, the study noted there are still ways to sell a home even faster. Homes with modern renovations sold in an average of eight days, compared to 12 days for homes without and homes with two or more improvements sold in an average of six days.

Knock found that the most common home improvement was a fresh coat of paint on the interior and exterior walls. Seventy percent of sellers invested in a paint job on their homes before listing it according to the data.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.125 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (877) 700-0942 and your questions may be featured in an upcoming article.