The Three Reasons New Jersey Homeowners Lose Money When they Sell

Every homeowner wants the highest sale price, but many skip simple steps to get them there. Regardless of time constraints or budget limitations, most homeowners lose money simply because they aren't adequately informed. 

Strategic planning yields a high sale price and a better selling experience. Here are three reasons homeowners lose value and how to avoid them without spending money. 

1. Didn't Perform a Pre-Listing Inspection

“The more you sweat in peace, the less you bleed in war.” - Norman Schwarzkopf.

Many houses have defects that homeowners are unaware of. This typically results in thousands of dollars in discounts after a buyer inspection. To avoid this, homeowners can get a pre-listing inspection. A pre-listing inspection entails a licensed/certified inspector reviewing the roof, foundation, electrical, plumbing, and HVAC systems. The inspection identifies dangerous conditions and prescribes remedies, often a contractor review. 

Pre-listing inspections help Realtors draft more accurate property disclosures, which yield more confident buyers. This ensures that the offers received are of higher quality and well-informed.

Typical Cost: $700-$1200

How to Get it for Nothing Out-Of-Pocket: As part of our Slingshot Strategy, we include a complementary pre-listing inspection for every listing we take on. To make it easy, we cover any additional state-required tests and get remunerated at closing.

RightWay REALTOR® Tip: Don’t neglect less-common inspections such as PWTA tests, septic assessments, sewer line tests, and radon inspections. These are state-required and can delay a close if put off.

2. Didn't Perform a Contractor Walkthrough

A pre-listing inspection advises on defects of the house, but not many inspectors are qualified and have the experience to quote the cost of repairs. You'll need a contractor to determine which repairs you want to address or how much to adjust your listing price. Contractors have real-world, up-to-date knowledge of the labor and materials costs. 

This is an additional but crucial layer, especially if you're not planning to do repairs yourself or have major defects that must be addressed. Buyers will wonder how much a defect costs to repair, and having an estimate can make their decision easier. It also makes your listing look transparent and attractive.

Typical Cost: $100-$200

How to Get It for Nothing Out-Of-Pocket: Similar to the pre-listing inspection, when you list with RightWay, we arrange contractor walk-throughs from trusted, licensed operators. 

RightWay REALTOR® Tip: Get several contractor bids to find a good midground for prices, and check them for Yelp or Google Reviews.  

3. Didn't Invest in Beautification

First impressions are everything. Most people are emotional about the idea of “home,” so the more positive emotions you can inspire on your first impression, the more likely a homebuyer is to fixate on your house as their next home and make a top-dollar offer. 

Presenting a home in the best possible light includes:

• Attractive professional photography

• Extras like video tours and 3D floor plans

• “Curb appeal” fixes like landscaping and exterior cleanup

• Interior cleaning and removal of junk or clutter

• “Staging” a vacant house with model furniture to help buyers imagine themselves living there

Normal Price: $1,000-$5,000

How to Get It for Nothing Out-Of-Pocket: You might have guessed... Every RightWay Realty listing includes a complimentary suite of property photos, 3D floor plans, and virtual tours to present the property in the best possible light to attract buyers. We cover staging and, if necessary, will pay upfront for landscaping, cleaning, and decluttering — we’re confident that we’ll make up the costs for a higher sale price for you.

Bonus: Trying to Sell On Your Own 

Selling your home without a real estate agent is possible but comes at a significant risk. The New Jersey real estate market is dynamic in terms of laws and compliance. Sales require a well-organized and strategic approach with many different stakeholders involved.

A good REALTOR® is a master of that process. This is why homes listed by REALTORs® put an average of $30,000 extra in homeowners’ pockets compared to FSBO, even after accounting for REALTOR® commissions. (NAR) 

RightWay REALTOR® Tip: Interview several agents to qualify their strategy, personality, and communication style. 

Wrapping Up

Achieving success isn't a stroke of luck. It's the outcome of planning and readiness. You can secure a favorable result by implementing the strategic measures in advance. 

RightWay aims to make it easy for NJ homeowners by removing the risk from every listing and easing the burden for homeowners. 

For more home selling and buying tips, subscribe to our mailing list HERE. Curious about the value of your house? Check out RightWay Realty’s Automated Value Calculator - a great place to start your home-selling journey.

You can sell a home however you want; we hope you do it the Right Way!