The Value of a Pre-Listing Inspection
Why more sellers in Western Nevada County should get their home inspected before they list.
Getting your home inspected before you list isn't required. But it can change how your whole sale goes.
Most sellers wait for the buyer's inspector to find things. By then you're already in contract, the clock is running and every surprise turns into a negotiation. A pre-listing inspection flips that around. You learn what's going on with your home while you still have time and options.
Here's why I think more sellers should do it.
1. You control the story
If the buyer's inspector finds a problem first, the buyer decides how big a deal it is. If you find it first, you decide how and when it gets handled. You can fix it, disclose it or price around it. Either way, it's your call and not a surprise.
2. Fewer surprises, fewer renegotiations
Most renegotiations start with something nobody knew about until the buyer's inspection. When you already know what's in the report, there's a lot less to argue about once you're in contract. The conversation gets calmer for everyone, and a calm conversation is much easier to finish.
3. You can price with confidence
When you know the real condition of the home, you can price it for what it actually is. No guessing, and no hoping nothing comes up. A price based on what's true holds up better when buyers start asking questions. (HomeTeam walks through this too.)
4. You have time to shop for repairs
Fixing something under an escrow deadline is stressful, and rushed repairs tend to cost more. Finding issues before you list gives you time to get a few quotes, ask around and choose the right person for the job instead of the first person who can fit you in.
5. It builds buyer trust
Being upfront about the condition of your home stands out. Buyers notice when a seller has nothing to hide, and that matters in a competitive market. Trust early on makes every step after it easier, from the first showing to the final signature.
6. Buyers may be comfortable with a shorter investigation period
When buyers can see a recent inspection, many are comfortable with a shorter investigation contingency. They already have a clear picture of the home, so they don't need as long to find out. That can mean a faster path to a firm sale. (Source: The Lewkowicz Group)
7. It helps you avoid the "back on market" discount
When a listing falls out of escrow and goes back on the market, it often sells for less the second time around. A study of Massachusetts MLS data found that relisted homes sold for a little under 4 percent less on average (abstract, RISMedia coverage). Buyers wonder what went wrong, and that question can follow the home. Fewer surprises under contract means a better chance of staying in escrow the first time.
Is it right for your home?
It isn't the right move for every seller, and it isn't something every home needs. The best way to know is to talk it through. If you're thinking about selling, I'm happy to walk you through whether a pre-listing inspection makes sense for yours.
This is real estate in the country. I've got you.
Sources
What Is a Pre-Listing Home Inspection?, HomeTeam
Benefits of Pre-Listing Home Inspection for Sellers, The Lewkowicz Group
Relisting and sale price research, American Economic Association conference program
Reframing a Relisting, RISMedia
General info, not legal or tax advice. Always confirm the details for your specific property.