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Caution When Pricing Your Home to Sell!

By Tanya Jones, President – Galveston Association of Realtors

Q: We are going to list our home for sale, and we know what it’s worth. Can we find a Realtor that will list it for what we want?

Since I don’t know how you came up with the asking price that you want, I’ll suggest that you contact a Realtor. Ask them to preview your property and allow them to gather all the pertinent information they need to do a Comparative Market Analysis. Fortunately, most Realtors will not list a property without some actual data on recent activity to support the asking price, which includes but is not limited to recently Sold similar properties and those currently on the market. Your agent with the Galveston Association of Realtors will also be familiar with the local factors that have an impact on your pricing… they will know the neighborhood, will be familiar with your flood zone, will be aware of your possible historic value, and will know other important details that affect pricing. You don’t want to be underpriced or overpriced…. one is a waste of time, the other is a waste of money.

Q: We had some wind damage a couple of years ago and filed a claim with our windstorm insurance.

After our insurance company paid the claim, we decided that we didn’t need to do all the repairs they paid for. Is that a problem if we sell our home?
It certainly can be. I contacted the Texas Windstorm Insurance Agency (TWIA) to ask what would happen in a case like that. Of course, they didn’t have enough details to give a specific answer, but they did say that windstorm coverage could be denied if repairs were not made (especially roof repairs). When you decide to sell, you will fill out a Seller’s Disclosure Notice (that is shared with buyers), which will ask you if you have ever received proceeds from a claim you filed for damages to the property and not used the proceeds to make the repair. There is also a website that shows the WPI 8 certificate you would’ve received at the time of the repair. There is a possibility that TWIA will not insure your property. That means your property will not qualify for a mortgage (which requires windstorm coverage). Even if there is no mortgage involved, it would be rare to find a buyer not wanting windstorm insurance.

I look forward to your real estate questions!

***Galveston’s ArtWalk is This Evening***

Tanya Jones, 2018 President of Galveston Association of Realtors (GAR), is a Realtor with The House Company Real Estate Brokerage and can be reached at Tanya@TheHouseCompany.com or 409-789-7222.