Across Tinley Park’s 14 neighborhoods, there are currently approximately 226 homes for sale, with prices ranging from $60,000 to just under $1 million.
According to recent figures, the current median list price of a residential property in Tinley Park is $250,000, up 6.4% from the same time last year.
Tinley Park is currently a strong sellers’ market, with the average properties receiving multiple offers and selling for around 1% over the list price and going pending in approximately one week. Some homes in high demand are even achieving 5% above the asking price.
These market conditions are fairly typical across the country at the moment, as the supply of new property listings is keeping demand higher than the inventory available to meet it. As we exit the severity of the pandemic, however, markets are predicted to gradually regain balance as more properties are listed.
Even though the sellers’ market conditions are persisting for now, it still makes economic sense to consider whether there are any improvements that you can make that will increase the value of your home prior to selling.
Here are some of the most popular upgrade ideas that could increase the value of your Tinley Park property.
1. FINISH YOUR BASEMENT
Nothing adds to the value of a home like additional liveable, heated square footage. If you have a basement that isn’t finished, you should seriously consider getting it done prior to selling. Adding a functional room to your home can catapult it into an entirely new price bracket. So long as you stick to a sensible renovation budget, finishing your basement is one of the surest ways to ensure a healthy return on your investment.
Finishing off a basement can be costly, especially if you plan to include additional electrical and plumbing requirements. However, if you effectively gain an additional room and potentially a bathroom, too, this will further bolster the potential for returns.
You can easily research online what houses your current size are selling for and then compare it with what an additional room etc. could achieve. Alternatively, consult with your real estate professional regarding what additional value your proposed renovation could add.
2. RENOVATING YOUR KITCHEN OR BATHROOM
Kitchens and bathrooms are the most popular areas of a property that buyers focus on, and the primary question in their minds is whether they will need to renovate the space themselves or not.
If your kitchen and/or bathroom are generally sound in structure and functionality, you may only need to update them. This could involve replacing units, fixtures, countertops, flooring, or appliances, or simply refreshing tired paint, tiling, or hardware, such as handles and tapware, etc.
If a kitchen or bathroom is beyond repair and desperately needs a renovation, it’s likely that you will be able to recoup the costs and add value to your home by carrying out the work prior to selling. So long as you are sensible with your spending, and renovate to a level in keeping with the demographic of your prospective buyers, there is certainly room to add value to your home by fully renovating these spaces. It will also make your property more desirable to potential buyers if the hard work has already been done.
3. IMPROVE YOUR CURB APPEAL
Make sure that your property forms a great first impression by improving the way it initially presents. This goes beyond aesthetic improvements, such as manicured lawns, flowers, and a neat and tidy pathway.
Go outside and look at your property through the eyes of a potential buyer. What would you look for? Does your property appear to be well-cared for? Is there any exterior wall damage? Are the doors and windows in good condition? Does the garage door look presentable and reliable? All these questions and more can really give you an insight as to what to focus on when preparing your home for sale. Improving the outside of your home may not bring in the big bucks directly, but ensuring that it lives up to the rest and makes a great first impression still goes a long way towards securing multiple offers. Even a high-powered pressure wash of the exterior and driveway can take years off of an older home.
There are many options for improving the value of your home, and it will largely depend upon the current condition of your property. Just make sure that whatever upgrades you consider, that you first assess what monetary gain you are likely to make, based on transformation, additional living space, selling desirability, and your location. Your real estate agent can advise you best as to what improvements you most need to focus on.
Guest Contributor: Jennifer Seene