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Thursday, January 31, 2013

Home Inspections; a Critical Piece of the Home Buying Puzzle



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Buying a home is undoubtedly the most expensive purchase of most people’s lives and it goes without saying that you should proceed carefully and in a way so as to make good decisions. One very important part of making a good decision on buying a home is getting a full-blown home inspection of the property.

We’ve all seen the nightmare stories on television where a homeowner that neglected to have a home inspection done, ends up with a huge money pit. The easiest way to combat that risk is to get a thorough check-through by a licensed home inspector.

Though inspectors are required by State licensing boards to maintain licenses and stay up-to-date on their education, there are bad inspectors out there that fail to properly check a home. It’s important that you select a good inspector. One great resource is your real estate agent because they have worked with countless other buyers and they usually have a list of preferred vendors they recommend.

Common Issues That Come Up in Home Inspections

As you can imagine, many things can come up as a professional goes through each aspect of your home’s function, structure and systems. Some of the more common issues that arise include problems with the home’s electrical panel, some circuits with blown fuses, a circuit breaker with problems that could cause a fire hazard.

Sometimes chimney problems come up too that might not be visible to the layperson. Anything from cracks in the chimney, gaps that could contribute to heat and cooling loss or issues with the roof – all come up with a thorough inspection.

Buyers Learn a Lot About Their Home During an Inspection

Probably the most overlooked benefit of a home inspection is the ability for buyers to get a walkthrough with the inspector and see how everything functions. While the inspector is looking over everything, the buyer will be able to learn how to operate things in the house plus get an overview on basic home systems.

Tuesday, January 8, 2013

The Housing Market Finds Its Strength



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The real estate market is certainly gaining strength. According to national year-end reports, we’re clearly seeing a turnaround. One sign is the days it takes for a home to sell is down by 29.6% nationally over the previous year. Top that off with a shift in the amount of inventory—from an overabundance to an actual shortfall of homes available for buyers—and you can see why the housing market has strengthened. The inventory shift from too many homes on the market to a shortfall was due to two main reasons: investors purchasing foreclosures and people taking advantage of interest rates that hovered at record lows during 2012. These factors, as well as a lack of new construction, are leading the country to a turnaround in real estate. We’re seeing these factors in many markets across the U.S.  

What’s happening locally in our region is all very positive. Our actual number of transactions was 113 sales—an 11.15 % increase over last year. That’s a big increase. In State College, home sales were up 17% which means the largest school district within our region is doing as well as or better than the rest of the region. The days a home is on the market is down a medium of 40% in our region compared to 29.6% nationally, so homes are selling much more rapidly in State College than last year. We’re also shifting from an absolute buyers’ market to a much more balanced market which is healthier for both buyers and sellers.

Keep in mind that interest rates are still low, but the rates won’t last forever. These rates have helped make home-buying more affordable. We’re also seeing “shovels turning” with new construction making a comeback so that gives buyers another option.  

There’s reason to be cheerful in 2013. We’re starting the year off right with an overall confidence in the real estate market that we haven’t seen in the last couple of years. The mood has changed—and it’s great!  

If you’re interested in buying or selling your home, contact me today at 814.234.4000 or christurleykbb@comcast.net. I would be happy to assist you.