In 2020, about 6.5 million homes were sold in the United States. The figure is expected to reach 7.1 million in 2021. This proves that the market has many homes available to potential buyers. If you plan to sell your home, it’s important to make sure that it’s in good shape and gets the attention of buyers. When buyers see issues with the home, they may never get back to you after viewing it. This is why a pre-listing inspection is a game-changer.
What is a Pre-Listing Inspection?
These types of inspections are ordered by the seller to identify problems that could hinder the sale of your home. When looking for a potential buyer, you hope for a smooth home sale process. That’s where a pre-listing inspection comes in.
The home seller will hire a professional home inspector to conduct a pre-listing inspection that evaluates the state of their home. Some underlying or hidden problems may be discovered during this inspection.
A potential buyer will request a home inspection before closing, so any opportunity a seller has to eliminate surprises and make repairs positions them well in the sale. Buyers generally do not want to purchase a house with lots of problems and may move on to a property with fewer red flags.
If this happens, your property will stay on the market longer than expected.
Why a Pre-Listing Inspection Matters
Helps the Seller Prioritize Important Repairs
Through a pre-listing inspection, you’ll be well-informed about the actual state of your home. You can make repairs to improve its value, and you’ll know what to prioritize based on your budget.
Although you may not choose to fix every problem, you’ll have the correct information to share with your potential buyers. It’s better when they are informed upfront than finding out about problems later. A pre-listing inspection also helps in negotiations.
Makes the Transaction Process Smoother
A pre-listing inspection report details any issues the inspector finds. You may decide to fix those problems before presenting your house for sale. If not, you can share the report with potential buyers beforehand. This helps eliminate problems in the transaction process, like starting fresh negotiations after the buyer’s inspection reveals unexpected problems.
Knowing the condition of your property gives you an edge and will attract buyers. Those who proceed with an offer even after seeing the pre-listing inspection report are willing to purchase the property as-is.
Proves Sellers Credibility
When you have a pre-listing inspection report available, buyers who are assured of your credibility and honesty are often more willing to buy from you. A seller who hides essential issues concerning their property on sale creates the wrong impression to the buyer once those problems are uncovered.
You Can Increase Your Asking Price
Take advantage of your property’s pre-listing inspection report by making repairs and increasing the list price. When you address issues that devalue your home, such as mold, water damage, foundation issues, roof damage, etc., you’ll be able to sell it at a higher list price than comparable homes on the market that need repairs.
Finally, a pre-listing inspection is worth all the effort because you’ll know the current condition of your home. You’ll have the correct information to disclose to potential buyers and the opportunity to fix problems before even putting your home on the market.