Home Inspections Are Likely To Become A Thing Again, And They Should


Home Inspections Are Likely To Become A Thing Again, And They Should
By Scott Rogers • July 29, 2022
Over the past two years I have told countless home sellers something along the following lines as they have made final preparations to sell their home... "That recent listing over in that neighborhood had five offers within the first week and none of those buyers included home inspection contingencies." "That townhouse just went under contract after receiving eight offers, and only one of the eight buyers was asking to be able to conduct a home inspection." As such, many home sellers over the past two years have not had to work their way through home inspection contingencies and the negotiations that sometimes take place after those inspections. And... my point today... most home buyers over the past two years have not had the option of conducting a home inspection during their purchase process. As our local real estate market starts transitioning into a market that is not quite as piping hot of a market as it has been for the past two years, we will very likely start to see more offers with home inspection contingencies. This is great news for buyers! A home purchase is a major financial decision both in the near term and the long term. You are paying a large amount of money for a home in which to live... but that home may very well need some items repaired or need some system maintenance or replacement in the near future. A home inspection allows a buyer to more clearly understand potential home maintenance costs over time by learning more about the condition of the components and systems of the house. As a side note, I am much more of a fan of home inspections being used by buyers to learn about a house and to propose slightly different contract terms if major issues are discovered -- more so than home inspections being used by buyers to try to renegotiate the deal just because they can threaten to walk away from the deal based on the inspection contingency. Home sellers today should be prepared for offers that may include inspection contingencies. Home buyers today should consider including inspection contingencies if they are not competing with multiple other buyers to secure a contract on a hot new listing. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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