Buying or selling a home is a momentous occasion and such an exciting time in your life - but it's time we talked about the red flags that can come with it.
We spend a lot of time on research - what appliances to buy, face products to avoid, the guy your best friend is dating...but when it comes to buying or selling real estate, there are issues that are commonly overlooked. Our obsession with research goes out the window, either because we feel we don't have time or are distracted by what's in front of us. Let's talk about some "red flags" and when to know we should swipe left on a home or real estate agent.
When you're selling -
1. A real estate agent you are considering suggests an unusually high list price
Ok, don't come for me. I know we all like money and I want you to get the most for your home - I promise. More money = good, right? Well, it depends. You've interviewed several agents and one of them tells you that you can list your home at a significantly higher price. What does it mean? That agent may be inflating the market value on your home to convince you to work with them. They will tell you that they can sell your house for $x, netting you more money - when in reality, if overpriced, your home will just sit on the market. There's an old (tacky) saying in real estate 'list it low, let it go. list it high, it will die." It's all about finding that sweet spot - and if it sounds too good to be true, it probably is. A seasoned agent will be able to provide you with a market analysis that includes what similar homes have actually been selling for.
2. No online presence
A friend-of-a-friend's aunt recommended a real estate agent to you, but nothing comes up when you Google them. No Facebook page, no website, nothing. A literal online ghost. Should you use them to sell your home? If they have no online presence to speak of, there's a good chance your listing won't get the attention it needs. It takes a lot more to selling your home than just sticking a sign in your yard, and a strong web profile is a must. Your real estate agent should be using social media platforms, single property websites, open houses, and online campaigns to promote your home for sale.
3. They're applying too much pressure
Did you know that there are days of the week that are "better" for listing and closing on your home? Timing is everything, and it's especially true in real estate. It's important that your home is listed with your ideal timelines in mind, and that you are working with an agent who is conscious of your calendar. If you feel that things are moving too quickly in getting your home listed, it's ok to pump the brakes. Good things take time, and it's incredibly important that it's done right the first time. Your real estate agent should be accommodating and sensitive to your preferred listing schedule. You shouldn't feel rushed or pressured into listing your home.
When you're buying -
1. My real estate agent said I don't need a home inspection
This is perhaps the biggest red flag I have seen, and unfortunately a common occurrence. If your real estate agent says you don't need a home inspection, or discourages you from having a home inspection - run. for. the. freaking. hills. I have had several clients who have told me that they were strongly persuaded into not having an inspection, and have been left with major issues. In Northeast Wisconsin a home inspection will typically cost less than $500, and defects that you or I might not be able to identify can range anywhere from $10-$100,000 (give or take). Not protecting your investment with a home inspection could have significant consequences. If you independently decide not to have the home you are purchasing inspected, that's ok too - just make sure you weigh the pros and cons first.
2. The home seems poorly maintained
Despite what HGTV might tell you, the most important things in a home are not the shiplap, painted cabinets, and farmhouse light fixtures. When looking for a home, find out the age and condition of the most expensive items first, and think about trendy cosmetic items second. Find out when big ticket items like the roof, furnace, A/C, water heater, etc. were last replaced. Are there service records or receipts for repairs and upgrades or were things just slopped together? Beware of homes that have been obviously poorly maintained, and homes who have ignored the major mechanicals in exchange for the trendiest cosmetic stuff.
3. Our real estate agent keeps showing me their listings
Also wanted to add ^ the listing agent keeps showing me homes out of my budget. These are two separate issues with a common theme - $$$$$$$. There is usually nothing wrong with a real estate agent showing you one of their listings, if it matches your home search criteria. But if it seems like a stretch and the home is nothing what you are looking for, you may have encountered someone who just wants the sale. If a real estate agent lists and sells one of their own listings, they stand to make significantly more commission than if they just represented one side. In Wisconsin, if a real estate agent represents both the Seller and Buyer, they must remain neutral. If they're neutral, they're not working hard to protect your interests and negotiate on your behalf.
Iffy (maybe) -
1. Every home on the block is for sale
Ok, I don't want to sound like a conspiracist, but when I see every home on the street hit the market at the same time, the hair on the back of my neck stands up. Maybe it's nothing, BUT MAYBE IT'S NOT NOTHING. The list of what *could* be going on is endless, and I'm not saying be a creep - but consider making neighborhood sleuthing a regular part of your house-hunting.
2. Strong. Air. Fresheners. Everywhere.
When I'm not working you can find me at Bath and Body Works smelling new smells. When I'm not at Bath and Body Works I'm thinking about my next trip to Bath and Body Works. Seriously, I'm a huge sucker for Wallflowers, but I get a little nervous when I walk into a listing and it smells strongly of air freshener. If a home smells strongly of air freshener and perfume, there is a chance that they're masking funky smells that might be lurking. Some unpleasant odors are easy to get rid of, while others might require removing carpet, painting, or a deep cleaning.
The Bottom Line -
You don't have to work with a real estate agent that doesn't exceed your expectations. Your home buying and selling experience in Northeast Wisconsin should be overwhelmingly positive and painless. It starts with working with the best - if you're ready to avoid the red flags and work with an expert, give Modern Classic Realty a call.
Call Modern Classic Realty at (920)785-8797
