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Tuesday, May 23, 2006

Arizona Sellers Turn to Pre-Listing Home Inspections in Slower Market

In the recent months, the Arizona real estate market has gone from an out-of-control seller's market, to a buyer's market.  Personally, I think that's good because a buyer's market is a more normalized market - the real estate hysteria of 2004 and 2005 could not possibly continue, and the pendulum has to swing back the other way for a little while to allow supply and demand to finally settle down and get back into balance.  We've gone from nothing decent on the market (for more than an hour or two anyway!) to pretty significant inventories, to include new build inventories.  I've even seen local builders offering as high as a 6% co-broke along with financing incentives and other enticements, whereas they were not so friendly to REALTORS or buyers this time last year.  Many REALTORS and sellers are also coming up with truly interesting ways to make their house stand out from the other Arizona homes for sale!

With that being said, one way many Arizona home sellers are trying to stand out lately is by having what's called a Pre-Listing or a Pre-Sale Inspection.  Instead of waiting for the buyer's home inspector to find problems, more and more sellers are getting their homes inspected BEFORE listing their home for sale, and using the inspection as a marketing edge instead of a buyer's contingency.  Yes sellers, those days of buyer's waiving their inspection contingency just to get the deal are over!  I can say without a doubt that home inspections are back to being a normal part of the real estate transaction, especially now that interest rates and home prices are higher.  When buyer's have to stretch every dollar to get into a house, they want to be sure they aren't going to have any expensive surprises once they own the house.

Some companies, including Homewerx Home Inspections (a company of which I am part owner - full disclosure!), are even offering sellers signs to put in their yard stating something to the effect that "This home has been Pre-Inspected".  I've seen some home inspection companies that call the home a "Pre-Certified Home", but I personally would NEVER equate "Pre-Inspected" with "Pre-Certified"!

So what if your house has problems - why would you want to get a Pre-Listing home inspection?  Because the buyer will get a home inspection, and then they'll have you right where they want you.  Trying to ignore problems with your home when you go to sell will only come back to bite you in the end.  As a seller, it's always better to be aware of the problems with your home, fully disclose them and decide what you are and are not willing to do to close the deal BEFORE the buyer has you in that "We're going to bail on the contract unless..." position.

While the seller's market is definitely over, the "bubble" has not burst.  To the contrary, it has just stopped getting bigger and bigger and hopefully, releasing some of that air will make Arizona's real estate market stronger in the long-term and allow Arizona homeowners to sustain their recent property appreciation.

Visit Shannon Hubbard's Home Page     Written By: Shannon Hubbard
Realtor®-Investor

Great American Realty, Inc.

Cell: (480) 695-6672
Email me

Posted by Shannon Hubbard, AZ Realtor & Computer Guru on May 23, 2006 | Permalink

Comments

Normal Market -

In a normal market, there is fairly a large number of homes available and an average number of buyers. This market does not necessarily favor the buyer or the seller. A seller may not have as many offers on their home, but he or she may not be desperate to sell either. Again, it is the buyer's responsibility to be prepared. During a normal market, the chances to negotiate are higher than in a hot market. As a buyer, you can expect to make offers at lower than the asking price and negotiate a price at least somewhat less than what the sellers are asking.


La Jolla, Homes, Condos, Real Estate

Posted by: Justin Chimento | Jun 18, 2006 5:18:14 PM

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