Selling the Home You’ve Owned for 20 Years? The Rules Aren’t the Same.

Why longtime homeowners may be surprised by what’s required when they sell today.

If you’ve lived in the same home for 15, 20, or even 30 years, you probably remember quite a bit about buying it. You may remember the asking price, the mortgage rate, the first project you tackled and perhaps even the day you received the keys.

What you probably haven’t thought much about is how different the process of selling that home may be today.

Real estate has changed dramatically over the past two decades, and not simply because buyers now find homes on their phones instead of flipping through newspaper listings. Laws have changed. Disclosure requirements have changed. Buyer representation has changed. Municipalities have introduced requirements of their own, and even the way buyers evaluate a home’s condition looks different than it did during the frenzy of just a few years ago.

For a longtime homeowner preparing to sell in Western New York, the process can contain a few surprises. That’s why the conversation with your agent should begin well before the “For Sale” sign goes into the yard.

New York Sellers Have More to Disclose

One of the most significant changes involves New York’s Property Condition Disclosure Statement.

For years, many New York sellers effectively had another option: rather than provide the disclosure statement, they could give the buyer a $500 credit at closing. That alternative was eliminated in 2024, while the state’s disclosure requirements were expanded to include additional questions about flooding and flood insurance. Today, covered sellers generally must complete the disclosure statement and provide it to the buyer or buyer’s agent before the buyer signs a binding contract.

That distinction matters for someone who hasn’t sold a home in decades. The current form asks about a wide range of property conditions and systems, including flooding, plumbing, foundations, heating, sump pumps, smoke detectors and carbon monoxide detectors. The statement is based on the seller’s actual knowledge and isn’t a replacement for a buyer’s inspection, but it makes understanding and accurately disclosing what you know about the property an important part of preparing to sell.

Where You Live Can Change What’s Required

State law isn’t the only thing sellers need to consider. Local requirements can affect a transaction as well, and Western New York offers a good example.

In the Town of Amherst, certain residential properties constructed before 1965 and located within the Consolidated Sewer District require a Time of Sale sanitary sewer inspection before title can be transferred. The program is designed to identify improper connections and other sources of stormwater or groundwater entering the sanitary sewer system.

This is also where the “Amherst sump pump requirement” can be misunderstood. The town does not simply require every older home to install a sump pump before it can be sold. If foundation drainage or basement floor drains are improperly connected to the sanitary sewer, however, they may need to be disconnected and redirected to an appropriate sump-pump system. The inspection determines what, if anything, must be corrected.

For a homeowner who has lived in the same house for decades, something that has existed without issue for years can suddenly become relevant because the property is changing hands.

That’s one reason sellers shouldn’t assume that because nothing has changed inside their home, nothing has changed about selling it.

Safety Features Deserve Attention Before Listing

Smoke and carbon monoxide detectors are another area sellers shouldn’t leave until the last minute.

New York’s current Property Condition Disclosure Statement specifically asks sellers about known material defects involving smoke and carbon monoxide detectors, along with many other systems and safety-related features of the home.

The exact requirements affecting a property can depend on the home, its configuration and applicable state and local codes, which makes this something worth reviewing during the preparation stage rather than discovering when a transaction is already underway.

The same principle applies to permits, additions, finished spaces and improvements completed over the years. Twenty years is a long time to own a house, and homeowners don’t always remember every permit, repair or change that occurred along the way.

Getting ahead of those questions can make the eventual transaction much smoother.

The Buyer on the Other Side Has Changed Too

The changes aren’t limited to sellers.

Since August 17, 2024, real estate professionals participating under NAR’s settlement-related MLS rules generally must enter into a written agreement with buyers before touring homes with them. Those agreements spell out the services being provided and compensation arrangements, while offers of buyer-broker compensation are no longer displayed on covered MLSs.

A homeowner who last sold in 2006 may find today’s conversations about buyer-agent compensation unfamiliar. That’s understandable because the process itself has changed.

It doesn’t mean sellers no longer have options involving buyer-agent compensation. Those options can still be discussed and negotiated outside the MLS. It means the structure is more transparent and requires sellers and their agents to understand the choices available rather than relying on how things were traditionally handled.

And Buyers Are Inspecting Again

Not every change comes from a law or regulation.

Buyer behavior has changed too.

During the extreme competition of the early 2020s, buyers sometimes waived inspections or limited what they would request after one because they were desperate to make their offer more competitive.

Today’s market allows many buyers to be more deliberate.

That means sellers should expect buyers to look closely at the roof, furnace, electrical system, plumbing, basement and other major components of the home. A problem you’ve learned to live with over 20 years may look very different to someone seeing the house for the first time.

This doesn’t mean sellers need to renovate everything before listing. It means knowing what you’re selling—and deciding what deserves attention beforehand—has become an important part of the strategy.

Twenty Years of Ownership Can Hide a Lot of Change

Perhaps the biggest mistake a longtime homeowner can make is assuming selling will work the same way it did the last time they went through the process.

It won’t.

The house may be familiar, but the transaction surrounding it isn’t.

Disclosure requirements have evolved. Local municipalities may have requirements that weren’t on your radar years ago. Buyers are entering their relationships with agents differently, inspections have regained importance, and today’s buyers encounter your home online before they ever pull into the driveway.

None of that should make selling intimidating.

It simply makes preparation more valuable.

How Great Lakes Real Estate Helps Longtime Homeowners Prepare

At Great Lakes Real Estate, part of our job is helping sellers understand what has changed before those changes become surprises.

That may mean identifying municipal requirements early, discussing the current disclosure process, preparing the home for today’s buyers, developing a pricing strategy and creating professional marketing that reflects how homes are actually discovered and evaluated now.

For someone who hasn’t sold a home in 20 years, there’s no reason to already know all of this.

That’s why having someone who does matters.

The Bottom Line

If the last time you sold a home was before smartphones, Zillow alerts and social media listings, don’t expect the process to look the same today.

The fundamentals haven’t changed. Buyers still want a home they love, and sellers still want the strongest possible return.

But the road between listing and closing has evolved considerably.

Before you start painting walls, packing boxes or deciding what your home is worth, talk with someone who understands today’s requirements and today’s Western New York market. A little preparation at the beginning can prevent much bigger surprises later.

At Great Lakes Real Estate, we’re here to help you understand what’s changed—and make your first sale in decades feel a lot less unfamiliar.

Call (716) 754-2550. Let’s start preparing before the sign goes in the yard.