Over the years, I have thought about how there are two sides to a coin when dealing with real estate: The buyer and the seller, who both want the best deal on the price of the home.
ONE SIDE OF THE COIN
So, let’s first address the buyer. The buyer is naturally looking for the best price and least needed repairs. When we are representing the buyer, we can certainly empathize when they are all excited about the offer being accepted, and then comes the inspection and multiple defects are found. Naturally, they are justified in asking the seller to come down on the price of the home. Many times, this is no problem as there are only minor repairs needed and we can rectify the situation. But sometimes, if there are major defects or repairs needed, the client walks or asks for all or some of the repairs. Recently, an inspection produced a major repair that had to be met by the seller. The seller could not meet the cost that it would be to repair. If a repair is not met, it would have to be disclosed on the property disclosure in the future. So, the seller was in a predicament.
How was he going to sell their home?
The problem was solved by the seller reducing the price. Thus, the seller had to take a real hit on the price of his home and the buyer received a reduction.
OTHER SIDE of the COIN
You are the seller. The seller, many times, had to address, like previously mentioned, major repairs. This is a disappointment for the seller as they had already arrived at the selling price and the contract was binding.
When we started selling in the Lake Oconee area 25 years ago, the area was relatively new and most of the properties being sold were new.
Today, the same properties are 25 years older and homeowners feel they have a lot of equity in their homes. Homes will hold their value if they are modernized and the home is kept in good condition. Sometimes a $200,000 home can be sitting on a million-dollar lot.
Today, there are new homes being built and you will have to compete with the new features being offered.
Keeping your roof, HVAC, hot water heaters, appliances, crawl spaces, termite bonds, septic cleaning, all in good condition is a MUST to get top dollar for your home. Older homes offer charm and architectural character.
Many buyers today are looking for homes that are move-in ready, especially the younger buyer. They simply do not have the time to do repairs and they look for modernization in a home.
We always say: We have to sell your home twice – once when we get the offer, second after the inspection.
The real estate market has been good. Spring is just around the corner. The buyers are out there. Sellers – get your home ready.
Thought for the Day: If at the end of a day you feel dog tired, maybe it’s because you growled all day.