What All Sellers Need to Know About Basement Egress Windows

Is having a second basement egress actually as important as recent buzz would have you believe? Today, I’ll address this hot topic.

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Spring is here and we’re seeing great buyer activity out there in our market. Many homes are selling above list price, but there certainly are some that are remaining stagnant on the market. The distinction comes down to things like price point, school systems, and location. 

For example, homes I’ve got listed that are priced at or above $900,000 are seeing very little activity, while homes I’ve got listed at or under $350,000 are receiving tremendous activity. 

But, this isn’t the main point I want to make today. The message I want to share with you is about basement egress windows. To elaborate, an egress window is just a separate way to get out of the basement.

Real estate goes through cycles. In the past, there’s been buzz about asbestos, radon, mold, and more. These days, there’s a lot of talk about homes without a basement egress. Homes without a basement egress have been causing a lot of grief for agents lately. 

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Not having a second egress won’t make or break your ability to sell a home.

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If you’re a seller, think about this: You’ve got a finished basement. Most likely, you didn’t pull permits from the town. Still, in most municipalities, you’ve got to have a second egress out of the basement beside the stairs. Nevertheless, 90% of people probably don’t have this. 

I have sold dozens upon dozens of homes that don’t have a second basement egress. I think it all comes down to an agent’s ability to negotiate. An agent who says you can’t sell a home without a second egress is an agent who can’t negotiate.

Let me tell you a story to illustrate what I mean. Two or three years ago, I spoke with a couple who had just met with another agent. They told me, “Don’t worry, we’ve already put a deposit down on a second egress.” I told them to cancel the contract and that I would sell the house without them putting a window in. They followed my advice, got their home sold, and saved $5,000 in doing so. 

This is what Realtors do: We work through problems. If you’re a seller and you have a finished basement, adding a second egress is something to think about. It is certainly beneficial to have one from a safety perspective, and the presence of this feature is something I will always argue for my buyers. However, having one won’t make or break your ability to sell a home. 

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

The Most Important Factor in Getting a Home Sold

All the best marketing in the world won't be enough to sell a home if it's not priced properly. Today, I wanted to share some examples of why it's so important to price your house based on what the market will bear.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation 

Call me at (518) 861-7016 for a FREE home buying or selling consultation

What's going on in the Capital District market? It's both a buyer's and a seller's market—it all depends on what area, neighborhood, and town you're looking in. 

If you're wondering what's going on, you can see an in-depth market report here.

Price-wise, you can see that as you hit the $300,000 range for homes, it becomes a buyer's market. Under that price point, it's more of a seller's market with low inventory and multiple offers.

Pricing is the most important aspect of selling a home. I'll put my team's marketing up against anybody, but no amount of marketing will sell a home if the price is off. I've been a state certified appraiser for the last 25 years and am one of the few Realtors with that distinction, and I can tell you that pricing is so important to maximizing your return on your home. Even after 25 years in the business, it still takes me a lot of time to analyze a property and to find the right price. 

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Pricing is the most important aspect of selling a home.

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Too often, I hear people say they want to list their home high just to see what happens, but that's just not going to work. There is a price that the market supports for each home, and it's important to price your home within the range that the market supports if you want to successfully sell. 

I could tell you story after story of this problem, like a house flipper I'm working with who has had a home on the market for 200 days. That means 200 days of carrying costs, too. He reduced the price by $70,000 and the home still hasn't sold—he's almost to a point where the home is listed below market value. If he had just priced it right, he would have sold it 180 days ago for $20,000 higher than where it's currently priced, but now the home has a stigma that's very hard to overcome.

I also recently performed an analysis on a seller's home who listed with a competitor four days later at $125,000 more than the home is worth. That home will sit on the market for a year and it will obtain a stigma that will make it very hard to sell. I can almost guarantee that the decision to list the home so high will cost them both in carrying costs, as well as their eventual bottom line.  

Remember, you can check out our most recent market report here. In the meantime, if you have any questions about your specific area or you're thinking or buying or selling a home, give me a call or send me an email. I'd be glad to help.