Tag Archives: home buyers

Should you hire a Home Inspector?

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Home inspections are an essential part of the home buying process. It allows you to get impartial information about the house you are about to buy so you can avoid potentially pricey pitfalls. When you make an offer on your home, you can request an inspection contingency. This will allow you to back out of your offer without penalty within a certain timeframe if you are dissatisfied with the home inspection and are unable to resolve any inspection issues with the sellers. It should be noted that most inspections are able to be negotiated successfully between the buyers and sellers.

A qualified home inspector will pinpoint health and safety problems and look for any conditions that need specialized attention. An inspection includes physical elements such as roof, walls, foundation, insulation, attic and basement. It includes heating and cooling systems, plumbing, electrical and even examination of appliances. A home inspector provides a comprehensive report that details any issues found in the inspected home.

There are 3 things to remember about home inspection reports:

  1. A home inspection is not a warranty. The report details the issues found on the day of the inspection and cannot predict issues that may arise in the future. No matter how skilled your home inspector is, he can’t see the future and predict when an aging system may fail.
  2. No home is perfect– Even newly constructed houses can have issues. Some home buyers make this mistake of not having their new house inspected by a professional.
  3. It’s not pass or fail–  The home inspection report gives you all the details you need to help you make a decision whether or not to proceed with the sale of the home, negotiate with the seller to have the issues fixed or to reduce the  purchase price.

The Bottom Line

The home inspections can reveal problems that you may negotiate with the sellers to fix before the closing or before you move in. It may cost you some money, but you’ll be glad you did it because, in the long run, every penny spent is worth it. Home inspection can give you peace of mind that the home you are about to move into is safe and in a good shape.

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Is 2015 the Year of the Homebuyer?

It is anticipated that year 2015 will be a big year for homebuyers. Here are just a few of the changes that are expected in 2015:

  • Rent will raise around 3.5% and home values will continue to appreciate
  • Builders will begin constructing more, less expensive new homes.
  • Millennials will overtake Generation X as the largest group of homebuyers.
  • Homebuyers will have more negotiating power.

In general, it is expected that buyers will get back more leverage in the market. As Dr. Stan Humphries, Zillow chief economist says, Since the recovery began in earnest in late 2012, buyers have really taken it on the chin, forced to contend with low inventory, tight credit, bidding wars and intense competition from investors and all-cash buyers. But next year we’ll start to see things really turn around. More inventory will continue to come on line, putting the competitive pressure on sellers for a change. This more balanced market will be smoother sailing for everyone, both for buyers in search of a competitive advantage, and for sellers who turn around and become buyers themselves.”

Next year looks to be a market that will balance out for both buyers and sellers—a benefit for everyone! But it is important to remember that no matter what the market does, the best time to buy or sell is when YOU are personally ready.