WHY A HOME INSPECTION IS IMPORTANT
WHY A HOME INSPECTION IS IMPORTANT A home inspector plays a crucial role when buying a new house as they provide an unbiased and professional inspection of the property. They have the knowledge and expertise to identify potential issues and problems that may not be easily noticeable to a buyer. This can save the buyer from costly surprises and repairs down the line, as they will receive a detailed report outlining the condition of the property. Additionally, a home inspector can help negotiate a fair price for the property based on their findings. If there are significant issues discovered during the inspection, the buyer can use this information to renegotiate the price with the seller or request that certain repairs be completed before finalizing the sale. This can potentially save the buyer thousands of dollars and ensure they are making a sound investment in their new home. Furthermore, a home inspector can provide peace of mind to the buyer by ensuring that the property is safe and up to code. They can identify any safety hazards or code violations that need to be addressed, allowing the buyer to make an informed decision about whether or not to proceed with the purchase. Knowing that the property has been thoroughly inspected can alleviate any concerns or doubts the buyer may have about the condition of the home. In addition to providing valuable information about the property itself, a home inspector can also educate the buyer on how to properly maintain their new home. They can provide tips and recommendations for ongoing maintenance and repairs, as well as point out any potential issues to keep an eye on in the future. This can help the buyer protect their investment and ensure that their new home remains in good condition for years to come. Overall, hiring a home inspector when buying a new house is essential for ensuring that the buyer is making a wise investment and protecting their interests. A thorough inspection can uncover hidden problems, facilitate negotiations with the seller, and provide valuable information about the property. By investing in a professional home inspection, buyers can make an informed decision and feel confident in their purchase.
Buyers Moving Farther Than Ever in Search of Affordability
Buyers Moving Farther Than Ever in Search of Affordability More people are expanding their home search away from urban centers and toward smaller towns and rural areas, NAR data shows. House hunters have been expanding the scope of their home search over the past year, moving a median of 50 miles away from their previous property—a record distance, according to the National Association of REALTORS®’ 2022 Profile of Home Buyers and Sellers. The historical average is about 15 miles. Home buyers are eyeing small towns and rural areas as they search for greater housing affordability and more space, NAR’s research suggests. “For many, remote work decisions were formalized in the last year, providing clarity for employees to permanently move to more distant areas,” says Jessica Lautz, NAR’s vice president of demographics and behavioral insights. In the third quarter of this year, nearly 61% of views on realtor.com® listings came from users located outside of the listing’s metro, a higher number than previous quarters. Faced with high home prices and rising mortgage rates, home buyers are revisiting what they can afford and where. “For buyers with flexibility, relocating to a lower-priced market could help offset higher mortgage costs,” says Danielle Hale, chief economist for realtor.com®. “There’s also a takeaway for sellers in these areas: On a well-priced home, you could still see strong interest from these out-of-towners.” The share of buyers who purchased homes in small towns (29%) and rural locations (19%) reached record highs over the past year, NAR’s research shows. On the other hand, the share of homes purchased in suburban (39%) and urban (10%) areas declined from a year ago. Besides the potential cost savings, home buyers may be tempted to move away from urban hubs for other reasons. “Family support systems still prevailed as a motivating factor when moving and in neighborhood choice,” Lautz says.
WHY IT MAKES SENSE TO MOVE BEFORE SPRING
WHY IT MAKES SENSE TO MOVE BEFORE SPRING Moving before the spring market picks up can be a smart choice. While many buyers believe that spring is the best time to find a home, there is often fierce competition during that time. By moving before spring, you can avoid this competition and potentially find better deals. Additionally, current market conditions are favorable for buyers. Buyer demand is low, motivated sellers are more willing to negotiate, and affordability is improving. However, these advantages won't last forever, so it's important to act now if you're ready to buy a home. Working with a trusted real estate professional can help you navigate the current market conditions and make the best decision for your situation. Spring is typically the busiest season in the housing market, with many buyers waiting until then to make their move. It is believed that spring is the ideal time to find a home. However, choosing to buy a home during this time can also mean facing stiff competition from other buyers. This is why it may make sense to consider moving before the spring market picks up. During the spring, there is a surge of buyers entering the market. Experts predict that this year will be no exception to this trend. Currently, buyer demand is low due to the combination of normal seasonal trends and the impact of a rise in mortgage rates last year. However, rates have started to decline since November, leading to an increasing number of potential buyers planning to enter the market. For those who are in a good position to buy, this presents an opportunity to act before the competition becomes fiercer. Affordability is also starting to improve, although demand is currently low. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), notes that sales are expected to pick up soon due to the decline in mortgage rates. Acting now means taking advantage of the current sellers' market. With low demand from buyers, sellers may be more motivated to negotiate and work with you. In fact, this winter has seen more concessions given to buyers by sellers compared to previous quarters. But it is important to keep in mind that these advantages won't last forever. Waiting until spring could mean facing increased competition and less motivation from sellers to negotiate with you. To make the best decision in your local market, it's essential to work with a trusted real estate professional. Their expertise can help you navigate the current market conditions and determine if moving before the spring market picks up is the right choice for you. Overall, acting now can potentially lead to better deals and more favorable terms when buying a home.
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