Buyers Swoon Over Kitchen Updates, New Knock Analysis Shows

NEW YORK, Feb. 8, 2022 /PRNewswire/ -- Simple kitchen and bath improvements are what home shoppers desire the most, according to a new analysis released today by Knock, the fast-growing homeownership platform that makes all buyers Power Buyers. Although the housing market is fiercely competitive, an updated home still tugs at buyers' heartstrings, selling an average of 30% faster than a home without improvements.

Just ahead of Valentine's Day and with the homebuying season upon us, Knock dug into its proprietary Home Prep Concierge data to compare the average days on market for homes that are updated prior to listing to those that sell as is, and which updates result in the quickest sale.

"Getting a home ready for sale can be a stressful experience, and the supply chain constraints and contractor backlogs brought on by the pandemic have made it even more difficult to get work done," said Knock Co-Founder and CEO Sean Black. "Three years ago, homeowners had to put a lot more work into their home before listing it. However, even in the current market with homes selling in record time, the data continues to support the benefits of getting your home show-ready."

The analysis found that homes with modern renovations sold in an average of eight days, compared to 12 days without improvements. Homes with two or more improvements sold two times faster – in an average of six days.

Interior and exterior paint is the most common home improvement with 70% of sellers opting to refresh their walls at an average cost of approximately $3,500. However, prospective buyers crush the most on freshly painted kitchen cabinets, a project that can be completed for $1,319 on average.

Home Improvements Buyers Love

Home Prep Tips For Sellers
Having readied thousands of homes for sale, Knock's Home Prep Concierge experts say consistency is key when choosing which renovations to make. If one room gets a fresh coat of paint, it is important that the rest of the house does as well. They also suggest selecting neutral colors when updating paint, flooring and surfaces.

With supply chain issues and home improvement projects on the rise since the start of the pandemic, lead times for making renovations have increased significantly, something that homeowners should keep in mind if they are thinking about selling this spring. The average time to schedule a renovation is between two to four weeks, and depending on the extent of the home improvement, it could take up to two weeks longer to complete the project.

For those who choose not to make updates, there is something to be said for curb appeal. Deep cleans of the interior, exterior and green spaces can make a big difference when it comes to a home selling quickly.

Homeowners looking to break up with their current house but worry about finding a home in the current market or don't want to live through home repairs or showings can turn to the Knock Home Swap¹, an end-to-end solution that makes it easy to buy your new home before listing your current house for sale. The Knock Home Swap includes a competitively priced mortgage that allows you to compete with cash offers and an interest-free bridge loan, which covers the down payment on the new home, $25,000 in home prep funds and up to six months of mortgage payments on the old house. For more on Knock Home Swap and how to buy the home you love before you sell, click here.

To view the full report, including methodology, please visit: https://blog.knock.com/home-improvements-buyers-love/

¹Mortgage loans offered by Knock Lending LLC. NMLS 1958445. Equal Housing Lender. For licensing information go to: www.nmlsconsumeraccess.org.

About Knock
Knock is rewriting the rules of homeownership by making all homebuyers Power Buyers. Knock's flagship Home Swap™ product empowers consumers with a non-contingent offer to buy the home they want before selling the home they have, providing certainty knowing you've found your dream home and the convenience of not having to live through repairs or showings. Knock GO™ (Guaranteed Offer) is a cash-like home loan solution for first-time homebuyers looking to compete in today's hot housing market.

Launched in 2015 by founding team members of Trulia.com, Knock has raised more than $600 million in debt and equity from top-tier investors, including RRE Ventures, Foundry Group, Redpoint, Greycroft, Corazon Capital, Correlation Ventures, Great Oaks Venture Capital and FJ Labs. The National Association of Realtors^®, through its investment arm, Second Century Ventures, is a strategic investor in Knock, giving its 1.5 million members the ability to market Knock's homeownership solutions to their clients. Knock currently operates in 70 markets nationwide and plans to be in over 100 markets by 2023.

Contact: [email protected]

SOURCE Knock