The Importance Of A Home Inspection In A Seller's Market
If you are looking for a home to buy as 2021 draws to a close, or perhaps you’re researching for a future purchase in 2022, you need to be aware of all the risks involved. Buying a home is a wonderful step to take in your life, but it comes with caveats - all large purchases incur risk, after all - and in a seller’s market, those risks are elevated.
Home inspections are one of the core essentials to book when you are purchasing a property of any kind - especially a property in which you and your family will live. Professional home inspections can rule out any potentially costly or dangerous hazards in the home, and can alter the price in your favor if any costly damages are found.
In today’s post, we’ll discuss how the seller’s market is affecting home inspections, and the importance of a home inspection in a seller’s market.
The Seller’s Market Explained
According to the latest real estate trends, we are currently living in a ‘seller’s market’. What is the seller’s market? Simply put, the seller’s market means that there are fewer people selling their homes than there are buyers. In short, this equates to high demand for properties, allowing sellers to keep their prices high, and often resulting in buyers cutting corners just to secure a property.
What does this have to do with home inspections? Unfortunately, the rising demand for properties means that some buyers are skipping their pre-purchase home inspections in order to secure a sale. This is never a good idea - and we’re going to show you why.
The Importance Of A Home Inspection In A Seller’s Market
Although it may be tempting to go straight in with an offer when you see a home you love, there is much danger in taking this route.
Firstly, home inspections can reveal startling truths about the home you have seen. You may have only seen this home once or twice yourself - and without a professional eye, you won’t be able to spot worrying factors that may impact your decision.
Radon testing, for example, is crucial to ensure the safety of your future home. Radon is a radioactive gas that is prevalent throughout the US, and could be present in the home you are about to buy.
Similarly, an inspection can detect foundational damage, insulation issues, structural damage and ever-present problems like mold and pests. If these things are found, it doesn’t mean you shouldn’t go ahead with your sale - but it may mean offering a lower price for the home, due to the fact that you will be spending a significant amount on repairing the issues found.
Finally, you may be eligible for better financing with a full home inspection. Often, lenders won’t invest in a home purchase if there is not a home inspection report completed beforehand.
Certified Home Inspector at Rocket Valley Home Inspections
If you need a home inspection with fast turnaround and high accuracy, contact us today to book a home inspection with us at Rocket Valley Home Inspections. You need a home inspection in a seller’s market, despite the frustrations that may come along with it!