In our latest post, we discuss the things many homeowners don’t know about selling a house in Long Island. Find out what to expect before you list with a Long Island real estate agent! The process may not be what you expect!
Do you want to sell your house in Long Island? If you are thinking about listing, it’s important that you know what you are getting into. For many home sellers, listing their property is a rude awakening. The house may not be worth what you think it is. There may not be a large pool of buyers, or you may have to deal with a long list of expenses upfront.
You May Face More Than One Round Of Repairs
When listing a house with a real estate agent in Long Island, there will typically be a few repairs made before putting the house on the market. These repairs can add up quickly, making the owner even more ready to get the house sold. However, when a potential buyer comes along, they will have the house inspected and appraised. Their offer will likely include contingencies, allowing them to back out of the sale if it doesn’t appraise high enough or if there are larger repairs discovered after the inspection has commenced. If repairs are required, the potential buyer will turn to you to fix them or to offer a reduction in price. So when all is said and done, you may be facing repair bills before listing the house and then again after you have found a buyer and the inspection has been completed.
Your Marketing Costs May Not Be Included
When you work with a real estate agent in Long Island, you’ll need to know exactly what you are getting. Some agents list and wait, while others are full-service, pulling out all of the stops. If you decide to list your house in Long Island, look for a premium agent or be prepared to pay for some of the marketing yourself. Professional photography, staging, signage, premium ads, and open houses aren’t always included. Many sellers will end up paying for these services themselves in order to sell the house in a reasonable amount of time.
Selling Timeframes Can Vary
Just because your neighbor’s house sold in a week, doesn’t mean yours will too. When you list your house on the Long Island MLS, there is no way of knowing when the house will close. It could be days, weeks, or months. For some sellers, they don’t end up finding a buyer at all and they are forced to take their home off the market. Listing a house in Long Island can be very frustrating for homeowners who want to sell their houses quickly. It can be difficult for families who are forced to live in limbo while they wait for a buyer. With a direct sale to CoMax Properties, you’ll know exactly when the closing will take place.
Sales Can Fall Through
Imagine waiting months to find the right buyer, only to have the sale fall through at the last minute. This happens more than you might think due to low appraisals and required repairs. Buyers will typically have contingencies in their contracts that allow them to back out of the sale if the appraisal comes back low or if they find major problems after the insection. You may still be able to sell if you lower your price, but after doing so much work to list it, many sellers aren’t willing to drop the price as much as the buyer would like them too.
Showings Are Often Last Minute
If someone drives by or reads about your house and wants to see it right away, it’s in your best interest to let them. When listing your house with a Long Island real estate agent, you’ll need to be prepared for showings that can happen at the drop of a dime. You might get a call saying someone wants to see the house in 30 minutes. You’ll have to make sure it is showing ready and make yourself scarce while the home is being shown. If this is happening a lot, the process can become stressful. However, the last thing you want to do when trying to sell your house in Long Island, is to turn away potential buyers!
Selling Your House Directly…
You may think that you need to hire an agent, list the house, and wait for a buyer, however, this is not the case. There are many ways to sell a Long Island house. A direct sale is the best way for many Long Island homeowners to sell their homes. When you consider all of the listing costs, holding costs, and commissions, working with the right property buyer can be the most beneficial choice. You’ll be able to avoid the costs, the showings, and the waiting.