Most Home Sales Close – Here’s How To Keep Yours on Track

Few things are as rattling as the thought of your home sale falling through at the last minute, right before closing. All that waiting, all that progress, out the window.

But if you’re getting ready to sell, here’s what you should know. Even in today’s market, it rarely comes to that. Buyers who are moving at today’s rates and prices are generally moving because of some big life change. That means they’re motivated, and eager to get all the way to the closing table.

According to the latest data from Redfin, only about 1 in 7 pending sales are falling through. Meaning the vast majority make it all the way to closing.

And one of the most commonly cited issues is also one sellers may be able to prepare for ahead of time: inspection or repair issues. A little planning before your house hits the market may help you get ahead of potential issues.

Why Some Home Sales Fall Through Before Closing

A Redfin survey sheds light on the most common things that trip up a sale (see visual below):

Here’s a bit more information on each one.

• Inspection or repair issues. This was the most commonly cited reason in the Redfin survey. When a buyer’s inspector finds a problem, whether with the roof, the plumbing, the foundation, or elsewhere, the buyer can push back, ask you to make repairs, request a credit so they can do it themselves, or see if you’ll lower your price. If they don’t get what they want, they may walk away from the deal altogether.
• The buyer’s financing fell through. Their mortgage loan has to be fully approved in time for closing day. If the loan doesn’t come together, the sale can’t move forward. 
• The buyer’s current house didn’t sell. Some buyers need to sell their own home before they can close on yours. If that takes longer than expected, you may run into some issues with your timeline or even see them give up on their move.
• There was a change in the buyer’s financial situation. A new job, a big purchase, or new debt can change what a buyer qualifies for on their mortgage loan, even after they were pre-approved.

How Sellers Can Help Keep a Home Sale on Track

Some of those reasons are outside your control, like whether a buyer’s loan clears or whether they sell their own home in time. But according to Zillow, there are a few proactive steps you can consider to help your sale go as smoothly as possible:

• Consider a pre-listing inspection. That’s when you get your own inspection before a buyer gets theirs. It may help identify potential issues before a buyer’s inspection, giving you more time to understand the findings and consider your options before you're under contract. Your agent can help you consider how potential issues may affect your selling strategy and, when appropriate, recommend that you consult the relevant qualified professionals.
• Look at more than just the offer price. Your agent will help you weigh the whole offer, including the buyer’s timeline and any contingencies attached. When a buyer’s offer depends on selling their own home first, the success of your sale rides on a second deal you can’t see. Depending on the terms, a slightly lower offer with fewer strings may sometimes be worth considering. Your agent will help you weigh your options and make a plan that works well for you. 

One of those is something you can’t do until you have offers in hand, but the other is something you can get ahead of right now. The pre-listing inspection.

That upfront step may help you identify potential issues earlier and reduce surprises once you're under contract. And while getting your own inspection before listing may not make sense in every market, your agent can help you consider whether it may make sense as part of your selling strategy based on your local market and circumstances.

Sometimes the smartest move is staying one step ahead.

Bottom Line

Most home sales still close, and preparing before you list may help keep your sale on track.

If you're thinking about selling a home in North County San Diego, understanding your home's potential value and current local market conditions can help you prepare for your next move. Check your home value and review the latest North County San Diego market snapshot to learn more about what's happening in the local housing market.

If you're planning to sell and buy another home, you can also search homes for sale in North County San Diego and use the mortgage calculator to explore potential monthly payments.

Ready to discuss your plans? Contact me to talk about your home sale and prepare for your next move.

Frequently Asked Questions

What are some common reasons a home sale falls through?

According to a Redfin survey of real estate agents, inspection or repair issues were the most commonly cited reason deals fell out of contract, with more than 70% of agents citing them. Other commonly cited reasons included buyer financing falling through, the buyer's current home not selling, and changes in the buyer's financial situation.

What is a pre-listing home inspection?

A pre-listing home inspection is an inspection a seller arranges before putting a home on the market. It may help identify potential issues before a buyer's inspection, giving the seller more time to understand the findings and consider their options. A pre-listing inspection may not make sense for every home or situation.

Should I get a pre-listing inspection before selling my home in North County San Diego?

It depends on the property, your circumstances, and current local market conditions. A pre-listing inspection may help identify potential issues before you're under contract, but it isn't necessary for every seller. If you're preparing to sell a home in North County San Diego, a local real estate agent can help you consider whether a pre-listing inspection makes sense as part of your selling strategy.

About Patricia Villanueva – North County San Diego Real Estate Agent

Patricia Villanueva is a North County San Diego real estate agent helping buyers and sellers navigate the local housing market. Whether you're buying a home, selling a home, searching for homes for sale, or exploring your home's potential value, Patricia Villanueva provides local market information and personalized guidance throughout the real estate process.

If you're looking for a real estate agent in North County San Diego, Patricia Villanueva to discuss your real estate goals and next move.

Disclaimer: This content is for general informational purposes only and is not intended as legal, tax, financial, or other professional advice. Real estate conditions and individual circumstances vary. Consult the appropriate qualified professionals regarding your specific situation.