In yesterday’s blog article we discussed the importance of having a thorough seller’s disclosure when listing your property for sale. To read that article, click here. One way to ensure that your seller’s disclosure is as thorough and transparent as possible is to have a pre-listing home inspection conducted at the property. Although pre-listing home inspections are not commonly performed by sellers, they can assist in differentiating your property from other listings. In addition, this inspection will allow the seller to remedy any issues prior to listing the property for sale. Furthermore, these repairs or upgrades can be reflected on the seller’s disclosure and/or communicated in the listing. The result will not only be peace of mind for the seller, but also confidence for the buyer considering the purchase of the property.
Reasons to conduct a pre-listing inspection
- Higher sales price: On average, properties that have had a pre-listing inspection completed sell for more money. Oftentimes, buyers are more willing to pay top dollar for a property that has been thoroughly inspected and repaired, if applicable.
- Accelerate the buying process: In some cases, buyers may even forego their own inspection on a property if one has already been conducted and shared with them. This can certainly accelerate the buying process and may even remove a major hurdle in the transaction.
- Avoid last minute negotiations: Last minute negotiations are somewhat common in real estate. Typically, these negotiations revolve around the results of the home inspection report(s). A pre-listing inspection can bring potential issues to light, allowing sellers to either address them before listing a property or adjust the pricing to cover the costs of repairs.
- Price the home accurately: Pricing a property appropriately is the single most important aspect of a listing. With a pre-listing home inspection, you will have a better understanding of any flaws or damages to the property and therefore be better able to price it accordingly. In the event that the seller does not want to repair or replace certain items, they may share the inspection report results and offer a credit to the buyer for these items.
Summary
Although the housing market has been a strong seller’s market for the past few years, this is changing rapidly. As mortgage interest rates rise, we are seeing fewer home buyers entering the market. To learn more about this, click on our previous article here. This decreased demand is leading to properties remaining on the market longer and even having to reduce their asking prices. In fact, recent data indicates that approximately 25% of all current listings have had to cut their asking price. Needless to say, it is even more important now for seller’s to differentiate their properties for sale from other listings on the market. A pre-listing inspection followed by performing all the necessary repairs will help your property stand apart. In addition, this strategy will also ensure a more thorough seller’s disclosure form for the seller. In doing this, you will greatly decrease your chances of any possible mediation or litigation with a buyer in the future due to undisclosed defects to the property. Are you thinking about buying or selling property in South Florida? We can help. Contact Natasha at Live South Florida Realty, Inc. today!
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our trusted “Florida Home Search” app is available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!
