I do a fair amount of home inspections in Suffolk county and have found most home purchasers here on Long Island automatically want a price reduction after the inspection.
They expect 5000 bucks for a 500 dollar problem. However, if you don't as a buyer find any problems, they cannot knock your price down due to these issues that are brought up after the home inspection.
There are always gong to be typical smaller and less expensive issues that are easy fixes, but things like moldy drywall in a basement can freak the buyer, and then there are always the electrical issues that I see at every inspection. Sometimes these are low dollar repairs, but can stretch into the thousands. These issues do need to be addressed at some point, and not a year later for the serious issues.
If you can't pay for the major issues when you are selling, at least get quotes from contractors for these issues, and have them available for review. Buyers cannot get a quote on a sellers house usually as it is not yet theirs although I know some realtors that do allow this. The contractors feel it is a waste of their time if the person ordering a quote is not the homeowner, so many won't come to do a quote.
The house will show better if you have documentation for previous upgrades, and quotes for whatever pops up after the inspection can relieve a buyers' mind if they know what they are up against financially after moving in.
There are still people out there that think their house is the best on the block, and won't budge on price after inspection, and contest the home inspection findings. That house will languish on the market, and as we all know the longer on the market, the longer it will stay that way until a price reduction is accomplished, or the repairs are made.
Ray Wilson, president of Meticulous Home Inspection Corp. would be happy to answer any of your questions related to this blog, or inspection in general. Please call 631-902-6761 or see Meticuloushomeinspection.com