You may or may not have heard the term “pre-list home inspection” before and wondered what it is and what it’s used for if you don’t already know.
A pre-list home inspection is an inspection that the listing agent typically arranges for their seller client prior to the property being listed for sale on MLS. By completing a pre-list home inspection, listing agents are able to provide such inspections to potential buyers and their agent when an inquiry is made regarding the condition of the home.
As long as your home doesn’t have any major issues, a pre-list home inspection often adds comfort to buyers, especially when they are involved in a multiple offer situation and likely won’t be able to submit an offer with a home inspection condition included.
A home inspection typically includes important information regarding different aspects and areas of the home and often includes details regarding the condition of following below as well as other items:
It is important to know that home inspectors are somewhat limited in regards to how deep they can dig into each section of the home. They mostly base their report on what is visible to the naked eye when looking over the different areas of your home.
It is also important to know that it’s extremely rare to receive a report that is squeaky clean without any issues at all, even in a newer home. Many sellers get nervous when they see a report that says there are issues with their home, even if they are minor issues. By completing a pre-list home inspection, you will have the opportunity to address the issues prior to listing your home for sale if you should wish to. Once the issues have been addressed, the home inspector will usually provide you with an updated report which reflects the repairs being completed. Over the years that I have been working in the real estate industry, I haven’t once seen a report completely free from any issues.
Now that you know what a pre-list home inspection is, make sure you speak to your agent about this option prior to listing your home for sale.
If you aren’t currently working with another agent and have questions about the market or selling your home, contact me any time. I’m always happy to answer your questions and concerns and to assist you with achieving your specific real estate objectives.
You put in a lot of work to declutter your home and prepare it for showings, you hired a realtor, your realtor staged your place and put together some great marketing materials and you had a week of showings, offer night comes along and you are excited to see how many offers you receive, but, you don’t receive any offers on offer night. You are probably scratching your head wondering how this could have happened.
Although the strategy of listing a property for below market value and holding off offers for a week until your set offer date arrives typically works very well, there are several reasons why it may not work. Below are 5 reasons why you may not have received any offers on your offer night.
1) Priced Incorrectly
Once you have decided to work with a licensed, full-time, Toronto real estate agent, your agent should spend the time to look into the recent sales that have taken place in your neighbourhood. This will allow them to determine certain trends such as the average sale price for your area, average number of days on market along with other valuable market statistics that will assist with selling your home for the most amount of money in the least amount of time. If your real estate agent determines that homes in your area are listing for lower than their market value and are setting offer dates to review any and all offers, they may suggest doing the same with your property. Should you and your real estate agent come to an agreement to use this approach, it is crucial that your property is listed at the right price. By listing your property too high or too low, you may scare off potential buyers. If your agent is experienced, they should be able to determine the appropriate list price that isn’t too low or too high.
Historically speaking, some months such as December, January and August are some of the slowest months in real estate. If you are listing your home during one of these months, the odds of you not receiving any offers is increased. Buyers are typically busy with the seasonal holidays or vacationing during these months which means there are less eyes that will see your property once it hits MLS. In addition to this, even during other months, you need to keep in mind the statutory holidays and long weekends as you will want to work around these in order to ensure that you get as many potential buyers though your home as possible. Unless your local market it extremely hot, just like Toronto was a couple of years ago when properties sold any time of year for well over their list price, most properties don’t show as well as during the cold grey winter months as they do during the spring/early summer and early fall months. This can play a part in a buyer’s decision to put an offer on your home or not.
3) Needed Repairs
Whether it be a list of needed repairs in your pre-list home inspection that is provided to potential buyers, or it’s visible needed repairs that potential buyers see during their showing, depending on the buyers, any needed repairs that aren’t already addressed may scare off potential buyers. It’s important to address as many issues with your home as feasibly possible prior to listing your home for sale.
4) New Competition
Even if your home is in top showing condition and you have done everything necessary to ensure your home attracts as many buyers as possible, if a comparable home comes to market which is perceived to be more desirable at a similar price with the same offer date, you may miss out on receiving offers on your offer date. Should this scenario happen, you may want to discuss your options with your agent, including the possibility of changing your offer date.
As we have all witnessed over the last couple of months, announcements such as interest rate hikes can play a large part in dictating the amount of demand there is. Announcements such as rate hikes and government announcements relating to new policies that affect the market can create uncertainty and make buyers second guess making a purchase. Should there be a big announcement soon after you list your home for sale, there is a good chance that the amount of demand may be put on pause until there is more certainty.
Above are just some of the reasons why you may not receive an offer on your offer night. With the help of an experienced Toronto real estate agent, you should be able to come up with a solution to this hurdle and sell your home.
If you aren’t currently working with an agent and have questions about the market, selling your home or any other real estate questions, contact me any time. I’m always happy to answer your questions and concerns and to assist you with achieving your specific real estate objectives.
*This is not intended to solicit individuals currently under contract with another real estate agent or real estate brokerage.
Some common thoughts that may go through your head once you’ve decided to list your home for sale and have considered holding an open house are:
These are all common and valid concerns, I mean, who really likes the idea of random people walking through their home and looking at all of their belongings.
Unfortunately, the reality is, if you want to sell your home for the most amount of money in the least amount of time, your home will require as much exposure as possible. Allowing open houses ensures that you have covered every base when it comes to marketing your home for sale, even if doing so makes you feel a little uneasy. By allowing open houses, you are not only allowing potential buyers through your home but you are also allowing word of mouth marketing to take place among people who have visited your home and their friends and network.
Now, as much as the thought of allowing open houses may be stressful, your realtor should take several steps to make the process as comfortable and successful for you as possible. An experienced realtor will often take the following steps below when conducting an open house at your home to ensure your home is secure, tidy and well marketed:
Massive open house signage in your surrounding area
We all see open house signs while driving around the city on the weekend, but how many signs should your realtor put out? The answer is as many as possible. In order to ensure your home receives the attention it deserves and requires to sell, you need to make sure your home stands out from the competition. Putting out more signs than the average open house does just that.
Open house online & print marketing
An experienced agent will go above and beyond simply setting up open house signs to market your open house event. It’s important that you spread the word about your open house far and wide and to as many potential buyers as possible. There are a variety of ways of achieving this with the use of online and print marketing methods such as open house invites, flyers, online social media ads, evites and other creative advertising methods.
“Please remove shoes” signage and requests
A good agent will set up a “Please remove shoes” sign at the front entrance of your home and request all visitors to remove their shoes upon entering. This helps with reducing any potential mess or damage to your floors.
As I write this blog, we are still dealing with the affects of covid19 and people are much more attentive to their hand hygiene than they were prior to the pandemic. Your realtor will likely set up a sanitization station near the front entrance of your home and ask visitors to sanitize their hands prior to viewing your home.
As mentioned above, due to covid19, many sellers don’t like the idea of random people coming into their home and touching everything. With that being said, buyers will want to view as much of your home as possible. How else will they know if they can fit their attire into your primary bedroom closet? Your agent will likely ask visitors to limit the touching of surfaces while in the home and will assist by opening doors and closets for visitors as needed.
Keep an eye on visitors
During all open houses, your agent will ask visitors to sign in to keep track of who visits your home and will also keep an eye on visitors during their visit. Keep in mind that there may be times when your agent won’t be able to watch each and every visitor at the same time as they view different areas of your home. It is important to remove and or store any valuable items prior to allowing open houses or showings.
I’ve personally seen some agents install wireless wifi security cameras throughout the interior of the home while showing properties to my clients. Although this may be tempting to do, it often distracts potential buyers from focusing on your home’s beautiful features as they are too busy with the thought of being watched and listened to. Remember, you want to make visitors feel as comfortable while they are in your home and help them visualize themselves living there, you want them to feel at home.
Prepare the home before doors open
Your agent will come to your home prior to your open house beginning to ensure that all of the lights are turned on and that the rest of your home is in perfect showing condition. It’s important to make sure you put away all dirty dishes, laundry, pet toys and food as well as any other clutter prior to the open house.
Although the thought of having an open house may be a little intimidating, with the help of an experienced realtor, the process should really be quite straight forward. By not holding open houses, you are limiting your exposure to potential buyers could very likely limit your final sale price and possibly extend the number of days that your home has to be listed for.
Are you thinking about listing your home or do you have questions about the current market?
Contact me any time with your real estate questions or to request a free home evaluation to find out how much your home may be worth. I’m happy to help and to answer any real estate questions you may have.