If you’re interested in purchasing a new home, you’re probably on the fence because of a few issues. This is most likely a combination of high interest rates, and lack of available homes. There is some good news on the horizon though. The housing market is beginning to cooling down, with overall home sales continuing to slowly decline since the middle to end of 2022. Interest rates are also dropping, albeit slow as molasses! What does this mean for you? It means you will have more options and time for decision making. Today we’ll discuss the value of a home inspection in a cooling market.
Buyers Will Get Time To Choose:
While home prices may not have experienced a significant a drop yet, you will see that bidding wars aren’t as prevalent as they were. This is because demand for homes appears to be dipping in most South Texas real estate markets. Because of this switch away from being a hot “Sellers Market”, buyers will also not get forced into very short option periods. Short option periods can affect the ability to get a home inspection due to limited availability of inspectors, and sometimes has buyers skipping inspections. Of course, Barrie Inspections never encourages that practice because you are blindly accepting a property that could have thousands of dollars in needed repairs! Lastly, buyers will be in a better position to negotiate for repairs or price reductions while the market is cooling.
If you’re looking to sell your home:
It’s important to consider this cooling market reality while you prepare to list your property. Having a pre-inspection completed by Barrie Inspections prior to listing can help set your property apart from others already for sale in your neighborhood. How, you ask? The pre-inspection will provide you with a report detailing any work that may need to be done to correct any code or safety issues. It also documents other repairs needed in the future. This can empower you to make some changes yourself prior to listing and/or equip you with the required information to show potential buyers that only minor repairs/upgrades are suggested by a trained professional. This helps take the guesswork out of the homebuying process for many buyers by boosting confidence in your property which could lead to a faster closing with less negotiations!
Digital report is transferable to prospective buyers:
Our pre-inspection includes a comprehensive digital report that can be transferred to any prospective buyer. Much like our post-offer home inspection, during a pre-inspection, we evaluate major systems, including the interior, heating/cooling, electrical, plumbing, exterior and roofing. We then compile a detailed inspection report, which becomes the property’s operations manual of sorts, detailing deficiencies, safety concerns, system shut-off locations as well as maintenance suggestions.
A buyer is likely to discover issues within your home, so being forthcoming may mean one less condition on the offer as well as providing a higher level of confidence and transparency for your property sale.
Barrie Inspections is ready to handle all your real estate inspection needs! We have the experience and expertise to give you the best value and the most detailed inspection! Call 361-298-0472, email James@BarrieInspections.com, or schedule on our website 24/7 HERE. Barrie Inspections is here to help you with your buying or selling decisions!