The Phoenix housing market remains competitive as low supply and high interest rates continue to challenge both buyers and sellers. According to a recent Zillow report, across the Valley, there are 48% fewer home listings compared to last year, and the total Zillow inventory is down 24% from last year. The solution for sellers? Making pre-listing home improvement projects that can instantly increase a home’s ROI, attract more buyers and sell faster.
Buyers are more likely to purchase a home that is move-in ready and worth the investment.
Here is a recent example of a Sun City home that went through less than $20,000 in updates and sold for $75,000 over the as-is asking price. After painting the interior, removing popcorn ceilings, tackling trash and debris removal, and undergoing a deep cleaning, this home – initially valued at $250,000 – sold for $325,000, a profit of over $55,000 for the sellers.
Here is new data that shows the top home improvement projects that will get Phoenix home sellers the highest ROI on their home. After analyzing thousands of completed projects across 30+ markets, these are the top five home projects with the best ROI.
- Kitchen refresh – 377% ROI
- Refinishing hardwood floors – 348% ROI
- Basic prep and minor fixes – 297% ROI
- Roof replacement – 288% ROI
- Carpet replacement – 280% ROI
You can view the full report here that breaks down all of the top home projects that provide the most value.