Recession and Interest rate

A Home Inspection is NOT Pass/Fail!

I’ve heard it many times: “Did our home pass its inspection?”

A home inspection is not a pass or fail test and furthermore, no home is perfect. But whether you are a Buyer or a Seller, you can take measures to prepare your home (and yourself!) for the surprises that may occur during a home inspection and to ensure a smoother escrow process.

However, the home inspection does open a window of negotiation between buyers and sellers based on the findings. During this process, each party must be satisfied with the terms for the contract to move forward. Because the home inspection occurs at such a fragile point of the escrow process, understanding how inspections work is vital.

What is a Home Inspection?

During the escrow process, the buyer often hires a home inspector to come to the house and perform a visual observation and provide a report of his/her findings. The inspector is not concerned with cosmetic issues. Inspectors generally are concerned with items that are unsafe, nearing the end of an average service life or broken.

There are seven major things that home inspectors look for:

• Water Damage

• Structural Issues

• Old/Damaged Roof

• Damaged Electrical System

• Plumbing Problems

• Insect and Pest Infestation

• Issues with the HVAC System

What to Expect During a Home Inspection?

An average home inspection lasts about 3 hours and generally reports are ready within a few days. Upon receipt of the home inspection, Buyers or Sellers (if performing a pre-listing inspection) may have a much clearer picture of the home’s condition.

In the case of a pre-listing inspection, Sellers may choose to address key issues to make the process of selling their home smoother and without unwanted surprises.

For Buyers, a skilled real estate agent become vital at this point in the process to help with the negotiation of the necessary repairs. It is easy to become emotional during the negotiation process and a skilled and experienced Realtor can go a long way in helping you through this process.

Is it Time to Downsize?

Life events can have a major impact on what you need from your home, and retirement is one of the biggest changes many of us face. This period of your life can mean doing more of the things you enjoy, like traveling, visiting with loved ones, or taking on new hobbies. But what does that mean for your home?

If you’re looking for ways to focus more on the important things in your life, the answer could be downsizing.

You Can Find the Right Home for Your Needs

The need for a smaller home, the desire to be closer to loved ones, and retirement itself are three of the top reasons homebuyers over the age of 55 make a move.

If you’re in this group, these changing priorities may be top of mind for you today, and that could be driving your decision to downsize. After all, as your lifestyle changes, what you need in your home likely changes, too.

When you downsize, you can spend less time maintaining your home and more time with the people you love or exploring newfound hobbies. That’s a recipe that can lead to less stress and increased happiness.

Your Equity Can Make a Big Impact When You Downsize

Home equity plays a big role when you sell your existing house and move. As home prices rise, your equity does, too. So, you may have more equity than you realize because of the record levels of home price appreciation over the past year. Those equity gains could allow you to make a larger down payment on your next home. And putting more money down can lead to a smaller monthly mortgage payment, which can give you greater financial freedom. It can also be a significant help in navigating today’s competitive housing market, since offering more money up front could help your offer stand out.

Whatever your homeownership goals are, I can help you to find the best option for your situation. If it’s time to downsize, I can help you sell your current home and guide you as you buy your next one and enter this new phase of life.

Bottom Line

If you’ve recently retired or plan to soon, your needs are likely changing. That means now may be the perfect time to downsize. Give me a call to chat and to get a better sense of how to find a home that matches your situation.