You Never Know What Issues a Home Might Have

Let’s talk about home inspections.

Beyond a general home inspection, there are several specific inspections buyers may choose to conduct while under contract.

Radon inspections, termite inspections, and others are all options, depending on the features of the property and the buyer’s concerns.

If, during a general inspection, the home inspector finds fault with any of the features they examine, additional inspections may be ordered to further evaluate the specific issue. When specific issues are uncovered, it can be beneficial to have a specialized expert take a closer look.

Even in the case of new construction homes, the issues an inspection can uncover will more than justify the cost of the process. A home inspection usually costs around $500, with additional inspections costing between $100 and $150.

Some buyers wonder why they can’t just inspect the home on their own. Technically this is an option, but if the buyer plans to use the inspection report to pursue negotiations with the seller, a licensed inspector is best. 

When specific issues are uncovered, it can be beneficial to have a specialized expert take a closer look.

It isn’t only buyers who can order a home inspection. Many sellers have asked me recently if they should order one before listing their property. This isn’t always advisable, but if a home is more than 10 years old, there are absolutely some advantages to doing so.

When a seller orders an inspection before listing, they can get issues addressed ahead of time.
It also gives them more leverage in terms of marketing the home.

These are just a few key points on what you need to know about home inspections. 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.

A Look Back at the 2017 Market and a Glimpse Ahead to 2018

Sales figures are in for the Triangle MLS, and there are some really good numbers to report, both for the month of December and the entirety of 2017. Additionally, we’re going to take a look at some predictions for the 2018 market.

In December of 2017, inventory levels were down 5% again versus 2016. A whopping 18% of the listings that sold in December were above list price. Fifty-three percent of resale homes went pending or actually closed. That is a really big number.

When we look at 2017 as a whole, it was a banner year. There were six records that were broken during the year, giving us a real sense of what was going on in the marketplace:

There were 896,000 annual showings.
Annual pending sales were nearly 40,000.
There were 39,436 closes in 2017.
The average price for home sales was $287,800.
The median price was $250,00.
The average days on market was an astoundingly low 35 days.

As far as our predictions for this year, the Triangle-area forecast is very strong. Since our employment forecast is also strong, that should indicate a robust real estate sales market for the coming year. 

When we look at 2017 as a whole, it was a banner year.

It appears as though resale listings are going to continue to be low, and new construction inventories are way up.

One thing that people have on their minds is the new tax reform bill. As far as I can tell, it doesn’t look as though things will be affected too much. The National Association of Realtors predicted that pricing would be affected in a downward fashion due to the tax bill, but I’m not seeing it yet; we’ll just have to see what happens.

If you have any questions about what happened in the 2017 market or the outlook on 2018, feel free to reach out to us.

5 Ways to Make Your 2018 Move as Smooth as Possible

If you are thinking about buying a house in the 2018 spring market, there are a number of things you can do to put yourself in a strong position when getting ready to make your move.

Here are a few pointers on how to get ahead of things if you plan on making a move in the coming year:

1. Check your credit score. Most people think that they’re in good shape, but the fact is that there are some derogatories that can find their way onto your report. Those problems can take time to clean up, so make sure that you look at that ahead of time.

2. Start looking at homes and neighborhoods. Consider things that the home will deliver for you. If you have a growing family, you may need more space. If you are downsizing, you may need a master bedroom on the main level. Start looking around and make a preliminary checklist.

3. Keep tabs on interest rates. Shop for a lender, too. You need to get pre-approved, and it’s better to do that sooner rather than later.

4. If you own your home, you need to put a plan together to get maximum value from your home sale. This includes things like staging, repairs, or making some upgrades to make your home more attractive to potential buyers. Get an idea of what you can net from the sale and put that into the financing for your next home. 

Get approved sooner rather than later.

Do you want to get the equity out of your current home first and move into temporary housing while you shop for your next home? Or do you want to go for a same-day closing on both properties? Each of these strategies has its own set of advantages and disadvantages, so let me know if you have any questions.

5. Interview potential real estate brokers. Find one who can provide the best service and help you find a home or get the maximum value for your current home.

As always, if you have any questions, just give me a call or send me an email. I would be happy to help you.