advice on selling my primary residence

[Sharlene Burch]

Not sure where to post this so I'm posting it here. I own two homes. I am selling my primary resident. Already have it on the market. However per the realtor I'm using the market has really slowed down. I'm in the Minneapolis market.  It's an older home and needs new windows for sure. I did recently have new flooring and paint done in the lower level. Thinking of getting the exterior painted also. I'm not in a huge hurry to sell but would like to be out by fall. Would you all recommend putting in another $20K in hopes that in the next 90 days I can recoup that by raising the selling price? I am estimating the updates and staging (I'm going to be moving out in the next 3 months to my other house) will be around $20K , so I'd at least want to raise the price by the cost of the updates. Current list price is $355,000, so I'd be around $375,000 if I wanted to recoup my cost of updating. my gut tells me to update the house and then put it back on the market. But I want to make sure I'm not missing anything. Are there other options I should consider?

[Dustin Allen]

@Sharlene Burch

You need to talk to your Agent and see what homes are doing in that better condition.  Are homes with those updates selling faster and for more money?  They should be able to tell you that.  You may end up putting in the $20k to sell the home more quickly at $355k instead of having to reduce the price in it's current condition to $335k.  If that were the case, do you want to waste the time and money or is it just time for a price reduction or offer of credit to buyers.

Your agent should be able to help you consider all of these options.