5 Data Points that Prove Pre-Sale Renovations are Critical During COVID-19 

Any good real estate agent will tell you that real estate is about personal relationships. Realtors rely on high-touch marketing tactics: dropping a thoughtful gift on a client’s doorstep, chauffeuring buyers from property to property, hosting open houses. COVID-19 has required agents to rethink their marketing strategies, and, to win more listings despite the pandemic, many are pivoting to pre-sale renovation. 

Now more than ever, pre-sale renovation is critical, both for sellers who want to sell quickly and maximize profit and for agents who want to build a strong pipeline. But don’t take our word for itthese five data points prove why investing in renovations before listing is one of the smartest investments sellers can make.

Now is the perfect time to add value to your property, prepping it to list while COVID-19 keeps us in a holding pattern. Buyers can’t wait to get back out and start touring properties again, give them something to get excited about.

Evelyn Clifford
Evelyn CliffordRealtor, @properties

1. Since April 1, homes renovated by Curbio have spent just 11 days on the market

Despite the pandemic, buyers are still looking for move-in ready properties, and those updated by Curbio are selling at breakneck speeds across the country. In April, homes were under contract within 11 days on average, compared to the national average of 62 days. In fact, for Curbio’d homes, days on market is actually on the decline, down from 16 days in March.  

Jack Swonson, an agent with Martha Turner Sotheby’s International Realty recently worked with us to renovate a home (pictured) in 3 weeks, then get it sold in 6 days—all during the pandemic. When discussing the renovation and the quick sale, he said “That just shows you the value of what Curbio brings to the table.” 

2. More than 75% of sellers are planning to list after stay-at-home orders end

According to a recent survey conducted by the National Association of Realtors3 out of 4 sellers are planning to list their homes after stay-at-home orders end. That means that inventory will surge in the coming months, and sellers will need to compete for offers from eager buyers who are really looking for updated properties.  

3. 50% of soon-to-be-sellers are making DIY updates now, and that’s a mistake

It seems like at least some sellers recognize that their homes need improvement to sell for top dollarthe same NAR study showed that half of homeowners planning to sell after quarantining are completing do-it-yourself home improvement projectsUnfortunately, this could be a big mistake. To get the best return on investment for pre-sale renovations, sellers need to understand which renovations will truly attract buyers and make careful choices in terms of materials and scope. Most homeowners (and contractors) are not experts in pre-sale renovation, which is why working with Curbio is not only a faster and easier way to renovate, it’s a smarter investment.    

4. Online traffic is up by nearly 20% for listings

While Zillow reports that traffic on listings dropped significantly in mid-March, by mid-April overall visits had rebounded and were up compared to April of last year. Listing agents partnering with Curbio are taking advantage of our complimentary 3D virtual tours to make it easy for buyers to shop online for homes. Since the vast majority of today’s potential buyers are between 25 and 44 years old, they are more than accustomed to making important decisions digitally.

5. The majority of homeowners have at least 60% equity

Unlike the 2008 recession, we don’t expect to see a significant spike in foreclosures as a result of the pandemic, largely because of the amount of equity homeowners have today. Nearly 59% of homeowners have at least 60% equity. For homeowners who renovate with Curbio, that means that they have a great deal of equity to work with for pre-sale renovations. With an average ROI of 113%, making smart updates ahead of selling is critical to leaving the closing table with more profit.