Selling your home can be a long, complicated process, especially in a buyer’s market.
Here are three reasons to get a pre-listing inspection as a seller.
With the arrival of a global pandemic, the first quarter of 2020 seems to be indicating that a buyer’s market is on the horizon. The coronavirus, also known as COVID-19, has already started to impact the real estate market, and many sellers have even removed their homes from the market.
But—virus or no virus—the housing market is subject to continual ups and downs, shifting its favor from sellers to buyers and back again in an endless cycle.
So, as a seller, what can you do to better your chances of selling your home with minimal fuss (and maximum income)?
Answer: a pre-listing inspection.
Home Inspections Aren’t Just For Buyers!
Many homebuyers today are looking for a place that is “move-in ready.” The presence of major, expensive issues can easily deter a potential buyer. (That’s why they got a home inspection in the first place!)
If the inspection report uncovers a problem the buyer doesn’t want to take on, they have a few different options, such as walking away from the purchase or negotiating a lower price. Great for them…but where does that leave you?
Unfortunately, it either means settling for a lower selling price or waiting weeks or even months for a new buyer. Technically you can refuse to make repairs, but that does not bode well for your selling process.
Getting a pre-listing inspection gives sellers options as well as time to decide which steps to take before placing your home on the market.
Reasons to Get a Pre-Listing Inspection
If the buyers are going to get a home inspection anyway, why should you bother?
As with most things in life, a little preparation can go a long way. By starting off the real estate process with a pre-listing inspection, you’ll be starting off on the right foot.
Here are three reasons to get a pre-listing inspection.
1. Pricing Your Home Correctly
Your real estate agent will help you settle on the asking price for your home, but s/he can only use the (limited) information available to them. They can look at all the comps in your neighborhood and appraise the value of the swimming pool you added…but they can’t tell whether the water spots on your ceiling are cosmetic or a symptom of a bigger issue.
With a pre-listing inspection, you can use any issues you discover to help calculate your asking price. If an inspection shows that your roof may need to be replaced in the next few years, you can “sweeten the pot” by lowering your asking price by the amount the buyer will need to complete the work.
And if no major issues are discovered, an accurate inspection by an experienced home inspector can also strengthen your asking price.
2. Time to Make Repairs
Or, if you’d rather not budge on your initial asking price, you can use the inspection report as a guide for the repairs you should make before you list your home for sale.
Even minor flaws can be interpreted as a “red flag” to skittish buyers. But if you can complete those repairs before listing, you’ll be taking a proactive step toward a swift sale.
Negotiating—both price and who is responsible for which repairs—is often what complicates the homebuying process. By showing potential buyers what has been done to improve and maintain the home, you can cut down on the time needed to move from contract to closing.
3. Peace of Mind for Buyer and Seller
One of the best reasons to get a pre-listing inspection is that it offers peace of mind for both you and any potential buyers.
By presenting an accurate snapshot of the home, you’re showing your willingness to be an open book. Many buyers are scared that the inspection will uncover serious flaws within the bones of the house they’ve fallen in love with. By presenting the inspection report up front, they’ll know you’re not hiding anything.
Additionally, you can advertise your home as Move-In Certified and disclose the inspection report to easing any concerns.
There’s No Substitute For a Good Pre-Listing Inspection
A visual walk-through is no replacement for a good pre-listing inspection, even when accompanied by your real estate agent.
A qualified, experienced home inspector knows the difference between a major issue and a minor cosmetic fix. They know how to identify a mold or pest infestation, an electrical issue, or water intrusion. The job of the home inspector is to provide both the seller and the buyer with a proper look at the home so both can take the proper steps in the negotiation process.
EDC Professional Home Inspections is owned and operated by Master Home Inspector, Erik Coplin. Not only are we one of the most honest and thorough home inspection companies in Central Florida, we back up each of our pre-listing inspections with a 100-day warranty and include a free energy report at no extra charge.
Call today to schedule your pre-listing inspection!
This article was last updated on March 19, 2020.
