TALKING REAL ESTATE
One of the biggest questions in real estate today is, “When will sellers return to the housing market?” An ongoing shortage of home supply has created a hyper-competitive environment for hopeful buyers, leading to the ultimate sellers’ market. However, as the economy continues to improve and more people get vaccinated, more sellers may finally be in sight.
Where Will You Move?
This is the first question to ask yourself and the answer might not be so simple. After all, in order to truly take advantage of selling your home in a booming market, you’ll need to purchase your next house elsewhere. If you already have a second home that you plan to move to full-time or have your eye on a different area seeing less demand, that can help you avoid having to buy back into a seller’s market.
Focus on Long-Term GoalsTake the time to consider how this will align with both your lifestyle and financial goals. It’s important to keep an eye on the big picture because selling right now might make it difficult to re-enter this competitive market in the future.
No Harm Testing the Market
Many sellers who are looking to take advantage of the current demand are simply testing the waters by listing their home above market price. If you’re still on the fence but are interested in selling your home for the right price, there’s no harm in feeling out the market to see what sort of offers you receive.
Don’t Be ImpulsiveIt can be exciting to see what other homes in your neighborhood are currently selling for, but you shouldn’t let this cloud your judgment. Weigh all of the pros and cons, and discuss your options with your family, to ensure that listing your home now is a sound decision for all of the right reasons.
Reasons to Have a Pre-Listing Inspection
Many sellers are worried that a buyer’s inspection will uncover problems they didn’t know about that could be deal-breakers. If your house is old or you have lived there for decades and haven’t always been diligent about maintenance, it may have serious issues that could sink a deal. Instead of waiting to have a prospective buyer schedule an inspection, you can have your house inspected before you put it up for sale so you fully understand its condition.
If you wait to have the buyer pay for an inspection and problems are found, you’ll have to find the money to have them fixed and rush to get repairs completed prior to the closing date. You might have to pay more to get the work done quickly, delay the closing or possibly have the buyer decide to walk away. If you find problems before you list the house, you’ll have an opportunity to compare quotes from several contractors and complete repairs on your own schedule.
If the buyer’s inspection uncovers problems, the buyer may want to renegotiate the purchase price instead of waiting for you to make repairs. Negotiations are less likely–and less complicated if they do occur–when the seller has addressed any serious problems before listing the house.
Find Problems and Deal With Them Before Listing
A pre-listing inspection may be an additional expense you weren’t anticipating, but it could be money well spent. Finding problems before you list your house can give you an opportunity to fix them on your own timetable and have confidence that a buyer’s inspection won’t uncover issues that could cause the deal to fall through. A pre-listing inspection can give both you and the buyer peace of mind so the process can proceed smoothly.