Will A Pre-Inspection Help Sell A Home Faster?
This year is one of the most active ever recorded in the Sarasota real estate market, on-course to reach near-record, tie, or, perhaps break previous years’ sales. With interest rates remaining low, the slight restructuring of credit scoring (which reduced the impact of medical accounts), and median prices climbing yet remaining quite affordable, buyers and sellers are repeating the benefits of the current climate. Though sellers do have an edge in this particular market, that doesn’t mean that if you are considering listing your home for sale it will just be snapped-up immediately.
Because buyers are seeing the competition, they certainly know what other home sellers are bringing to the table. It’s a paradox, though sellers are in a stronger position than buyers, those same buyers still have much power to wield. This means, as a seller, you’ll have to put your best foot forward to stand out from your nearest competition. After all, buyers that have the same budget and are looking in the same geographical area will definitely be seeing all those available properties.
What is a Pre-Listing Inspection?
This is what a pre-inspection listing does. It takes a step out of the buyer's due diligence process, speeding-up the transaction closing timeline. It's a way to give a home a clean bill of health before it's on the market. So, what is a pre-listing inspection? Well, a pre-listing inspection is its own namesake, but, unlike a traditional home inspection, is generally not as comprehensive. Though, this doesn’t mean that it isn’t worthwhile, its purpose is to uncover material defects on a property to alert the seller before it is listed on the market.
Home inspections have the power to send all parties back to the negotiation table. As such, some sellers are taking the precautionary step of having an inspection done before listing the home for sale. Some real estate professionals say that having a home inspection prior to listing can offer several benefits to the seller. --Realtor Magazine
Of course, this is very important information because as the nearby quote points out succinctly, a home inspection does have the ability to wreak havoc on the closing timetable. In some instances, it can even kill an otherwise viable deal outright. After all, there aren't many buyers who are willing to take-on a home with known issues, no matter the size, without believing there aren't any other problems just waiting to spring-up later.
How a Pre-Inspection helps Sell a Home Faster
You probably want to sell your home for top dollar -- as do the majority of other home sellers. This is why staging a home is such a strategic step in the right direction. It highlights the best features of the property, depersonalizes it so buyers can imagine themselves living there, and, showcases its functionalities. A seller can also opt to purchase a home warranty to pass onto a buyer, but, this enticement can backfire, leading the buyer to believe there are undisclosed issues with the house. A pre-listing inspection helps to do the following to make a home sell faster:
- It clearly demonstrates, that you as the seller, don't have anything to hide. The very reason buyers have a home inspected is to uncover issues with the property. When you present a pre-listing inspection report, it shows you aren't interested in trying to conceal defects. In addition, consider the fact that sellers are often taken by surprise when issues are discovered during inspections. If anything is found, you have the ability to be more proactive and address whatever it might be so you can show buyers it's fixed.
- A professional, third-party report provides a lot of assurance to buyers. Buyers undergo a series of emotions throughout the house hunting process. They see properties which seem to be a perfect fix, only to discover that's not the case. As time goes by, buyers begin to develop a more critical eye. Since they are investing a lot of time, emotion, and money, buyers are keen on avoiding properties with possible problems. A pre-inspection report assists in putting minds at ease.
- A pre-listing inspection will help to prevent potential delays. When a home inspection reveals one or more problems, it's not unusual for there to be a bit of haggling between parties to try and keep the transaction on-track. This throws off the timeline but helping to prevent that by being proactive can be completely worthwhile.
- The report also gives the seller peace of mind. You want to sell your home quickly and for as much money as possible. This is a way to help prevent surprises from thwarting your time and effort in marketing your home.
In addition to these benefits, a pre-listing inspection is a great way to reinforce your asking price. Just by taking the initiative, buyers will be confident that you are doing everything you can to ensure the home's condition. What's more, it also helps to discourage any parties from coming forward with a low-ball offer.