Pre-Inspections: What Are They and Why Are They Important?
Many of our home sellers ask why should they get inspections completed before they list their home for sale?
There are a couple of reasons that I find important:
1. If you have a limited budget for home preparation – finding out what repairs are needed as well as how much they will cost could impact your cosmetic update budget as well. Say you only have $5,000 set aside to get your home ready and $2,800 of that is needed to fix some important items in your home, the remainder will limit what you might do to get your home in show condition (i.e., new dining room light, fresh paint in the kids' room or even freshening up your landscaping for curb appeal).
2. Pre-listing inspections are exactly what they sound like: Before you officially list your home for sale, a professional home inspector examines your property to identify any potential problems or repairs that need to be made prior to you listing your home for sale.
a. We typically recommend a termite/pest inspection, a roof inspection, and a home inspection to identify most issues. Going further from there, if the electrical subpanel has some flaws, you can get a quote from an electrician to fix that.
3. Should you repair all the items identified in the reports before listing your home?
a. That depends on what your budget and timeline are, how much it will cost and how will it impact your home sale price and terms. If you have some minor dry rot on an eave, many times you can disclose this to a buyer and ask them to write an offer based on that knowledge.
b. Sometimes a $7,500 roof repair may be worth taking care of so buyers won't have to take that on after the fact. Many buyers like to walk into a home and have it “done” or ready to go.
c. Best advice is to work with an experienced Realtor who knows what vendors and inspections are right for your home sale and can guide you on what repairs, if any should be completed ahead of time.
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A quick update on our listing from last week — 5389 Concerto Circle, Concord. 3 bedrooms, 2 baths and 1,200 sq.ft. single-story home.
We hosted 45+ groups of buyers, neighbors and Realtors during the weekend open houses. Last night, we received a total of 11 offers and we are pending now in 6 days of market time. (Note: One buyer wrote an offer under the asking price, 9 buyers wrote offers within the same price point, and one offer was head and shoulders above the rest.)
My feeling is that buyers are definitely out and about looking for a home, and in this price range and with this specific home (updated and single story), it really spoke to many buyer profiles (first-time buyer, downsizing buyers, single parent with children, etc.).
The upper price range of homes are getting offers, too, from what I hear on the street; however, it may be a little slower market right now. (The good news is that at least all market price points are getting action.)