For Sellers - Realtor Vivian Wang

FIVE THINGS TO KNOW ABOUT HOME INSPECTIONS

For Buyers, For Sellers, General Info / October 8, 2023

Home inspection is an important part of the home sale process, both for buyers and sellers. When it’s time for you to hire an inspector, here are five things you should be thinking about: 1. It’s your choice: You are not bound or obligated to use any particular inspector. Your real estate professional may have some recommendations, but it’s ultimately up to you. Ask around and choose wisely—better to pay a little more now for a highly-respected inspector than to be surprised by a problem that the inspection didn’t reveal. 2. Looking for big problems: The inspector will be focused on the integrity of the home—safety, electrical work, foundation, load-bearing walls, etc. The inspector is not there to point out problems with ugly paint colors or light fixtures. 3. The report: There are hundreds of items to inspect in a home, so the inspector’s report will focus on the basics: What’s damaged, what needs repaired, etc. The report should be easy to read and understand. 4. Code of ethics: Though the inspector is working for the party that pays the inspector’s fee, the inspector will not deliver a report that intentionally hides or omits damaging information about the home. The report is private between you and the inspector, but if you’re the seller, you’re required to disclose any problems that the inspection reveals. 5. The inspector is not liable: Even the best inspectors can’t find every single problem in a home. They can’t see inside the walls or through the floors, so there could still be problems lurking. If a problem is revealed down the road, the inspector can’t be held responsible.

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THREE WAYS TO EASE YOUR FEARS ABOUT MAKING A MOVE

For Homeowners, For Sellers, General Info / October 8, 2023

With low inventory in many markets throughout the country, many homeowners are afraid to sell their homes because they’re concerned that they may not be able to find a new one. This can be a real problem, but if you are seeking to sell—whether to upgrade or find a new neighborhood—there are a few ways to combat the low inventory. 1. Look to buy firstIn most markets it is a real mistake to put your home up for sale before you start looking for your new property. Identify the geographic area where you are interested in buying. Even if you don’t see anything on Zillow, it doesn’t mean you can’t or won’t find the right home. 2. Think outside the boxBe proactive! Keep in mind that there are probably many people like you who want to make a move but are afraid as well. Have your real estate agent send a letter to the neighborhoods in the geographic areas where you want to live. The letter should be heartfelt and personal while announcing that you are ready to buy a home in that neighborhood. You could find a home to buy that may not even be currently listed or for sale. 3. Protect yourself legallyEach state varies in how the purchase process is conducted. Talk to your real estate professional about adding a clause in the purchase contract for the home you are selling that will enable you to not sell the home if you cannot find a suitable home to buy.

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THINKING OF SELLING? NOW MAY BE THE TIME.

For Sellers, General Info / October 8, 2023

Low inventory is a problem in many markets throughout the country. In a healthy market a particular neighborhood would have six months of inventory. Many neighborhoods are seeing inventory as low as one or two months. This means home buyers are not finding the homes they are looking for. Eric Sachs, President and Co-founder of BreakthroughBroker.com, said he speaks with Realtors throughout the country, and the main concern voiced by Realtors is that there are not enough listings. One agent told of a recent story where a new listing had 19 offers on the first day listed. As the spring selling season approaches, now is the time to list if you have thought about selling in the past or may want to sell in the future. Call your trusted real estate advisor to see if you live in a low inventory area.

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black candle holder on brown wooden table

DOES HOME STAGING MAKE A DIFFERENCE?

For Sellers, General Info / October 8, 2023

It seems to be universally accepted that home staging will help your home sell faster or for the best price—it’s been the common practice in the real estate business for a long time, and on the surface it seems like a no-brainer. Of course potential buyers will be more interested if a home is properly decorated, right? That’s not necessarily true, according to a recent academic study. The study surveyed 820 homebuyers by showing them one of six virtual tours of the same property. In some instances the home was decorated with traditional furniture and color schemes, while in others more eccentric furniture and colors were used. In other tours there was no furniture at all, just empty rooms. The overall results of the study were that staging is unlikely to increase a home’s sale price, and that staging isn’t quite as important as everyone believes. Of course, real estate trends vary greatly from market to market. If you have questions about staging, talk to your trusted real estate professional.

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STAGING: YES OR NO?

For Sellers, General Info / October 8, 2023

Will staging increase your home’s value? It’s obvious that you want your home looking as good as possible when you’re trying to sell it. You want to give buyers a great first impression, and there’s a long-held belief that professional home staging will lead to buyers paying more for a house. However, that may not be the case, according to recent research by Michael Seiler, a real estate and finance professor at William and Mary. Seiler studied how 820 different buyers reacted to contrasting stagings of six various homes, and found that there was little effect on what the buyers were willing to pay. Some buyers were shown a home with neutral beige colors and traditional furniture. Others were shown the same home, but with “ugly” purple paint and wacky furniture, or even no furniture at all. The average price the buyers were willing to pay for each property was roughly the same, regardless of which version of home staging was present. “We were able to parse out what you consciously believe and subconsciously believe,” Seiler said. “Beforehand, everyone thinks poor staging is going to be a problem. But when we actually did the experiment, we found it doesn’t matter.” Of course, Seiler’s study only looked at one of the many aspects that affect a home’s value and how fast it will sell. Contact your trusted real estate professional if you’re considering selling your home. For more on Seiler’s study, visit this link: on.wsj.com/KhkSyT

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