Home buyers routinely hire a home inspector but the wise seller will also hire a home inspector. With the real estate market in Long Island being more active than ever, it makes sense for the home sellers in this region to ensure that their property is worth the financial investment to any potential buyer and also to make sure that their house is well presented too.
According to the latest report from Miller Samuel and Douglas Elliman, Long Island home sales have been more rapid for the past three quarters. Across the Island, homes sold in the 1st quarter of 2018 only spent an average of 84 days on the market. Also, the competition among the buyers has driven up the region’s median home price to $410,000 in the 1st quarter of the year, the number of closed sales has dropped by 1.3% annually, and the listings have ticked up by 2%.
With such market where both the demand and competition are very tight, Long Island homeowners must compete on the condition in order to get their home from listed to sold as quickly as possible. Therefore, it is recommended for home sellers to invest in a quality home inspection service in Long Island so that any possible obstructions to the ideal sale are avoided.
Here’s how home sellers in Long Island could benefit from a detailed and thorough analysis of their property before they accept the offer from a potential home buyer.
1. Acquire Potential Cost Savings
While a home inspection costs money, it can actually help the seller save more money in the long run. If a major defect shows up in the buyer’s inspection report, a potential Long Island home buyer might just ask for a price reduction for repairs so that they can move in as soon as possible.
With the expertise of a home inspector, the seller can fix the issues themselves, and they will have a better chance of saving more money since they will also be able to control the cost of repairs. Such advantage removes the need to slash a significant portion of the price just to seal the sale of their property.
2. Close the Sales Deal Faster
Getting the house in the best condition possible should help speed up the sale process – from negotiation to the signing of the deal. If the seller proactively makes the necessary repairs on their house months before they list their property, the likelihood to be stuck in a lengthy negotiation process can be reduced.
3. Gain Competitive Edge
Having a detailed inspection report ready for a potential buyer’s scrutiny signals that the seller has done their due diligence that their house is safe and ready for occupancy. A home inspection report can also be used as leverage during the negotiation process. If the seller has made the necessary fixes ahead of time, the potential buyer will have less merit to claim a price reduction for repairs.
Some home inspectors will even come back to the home to see what fixes the seller has done so they can update the inspection report, which means an even cleaner report for the buyers to see.
4. Fix the Deal Breakers Ahead of Time
By hiring their own professional home inspector, the seller will be able to identify and fix the potential deal breakers on their property before the buyer’s inspector shows up. According to HGTV, the following are the most common deal breakers that a home inspection service can help identify and remediate:
- Shoddy roofing
- Poor upgrades
- Old plumbing
- Faulty wiring
Overall, hiring a professional home inspector is not only recommended for home buyers but to sellers as well. A seller-initiated home inspection not only can put a hesitant buyer at ease but will also give the seller a better chance for a fast and hassle-free close of their property.
Tauscher Cronacher is an engineering firm that offers standard home inspection and green inspection services to all residents in the New York City and Long Island area. Contact us to learn more about our home inspection services today.