Buying · Inspections · Real Estate · Selling

Avoid the Red Tag

Have you ever noticed clothing sales that advertise “seconds” at greatly reduced prices? The “second” quality merchandise may exhibit flaws like uneven seams and pulled stitches, and capitalizes on the slightly lower quality in exchange for a lower price.

Much like those “markdowns,” a home being offered for sale with obvious flaws also invites a lower price. Homebuyers, like other savvy shoppers, quickly become aware of needed repairs, and then begin scrutinizing the home for other defects.

If you plan to sell your home and expect to receive a reasonable offer, be certain that all needed repairs are completed before the “For Sale” sign appears out front. If you don’t, expect to receive about $2 less for each $1 in needed repairs.

Protect your investment by asking an agent for advice. They will walk through your home as a buyer would, making notes of all attention. This could range from a cracked windowpane to carpet in need of replacement. No matter what the flaw may be, if it attracts attention, it also becomes a point on which the buyer may negotiate a lower sale price.

Your real estate agent can guide you further by providing marketing tips to make your home more attractive to buyers. Remember that by offering a “first quality” home, you may expect to receive the best price.

Note: This article was originally published on this site on April 21, 2016. It has been updated reflect the current home market.

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