As the housing inventory remains low and the homebuying market becomes more competitive than ever, a licensed home inspector with HomeTeam Inspection Service weighs in on best practices to help new owners find their dream home – without the buyer’s remorse.
The current housing market is as hot as it’s ever been, due in large part to less inventory on the market and high buyer demand.
With quick turnover making housing inventory scarce and mortgage rates at historic lows, home prices are on the rise across the country. As a result, many homebuyers are finding themselves up against tough competition and considering making risky choices in order to land the property of their dreams.
“With lower inventory, you’re getting higher-priced offers and more than one offer on a home. But as it relates to the inspection industry, what people aren’t talking about is how this competition is causing a lot more emotion and higher stress levels among buyers,” said HomeTeam Inspection Service of the Triad owner Drew Branyon. “By the time they actually get into the house, a lot of buyers are more cash-strapped than they’ve ever been. Ultimately, they’re putting up a lot more money, not only for the house, but also to secure the home during due diligence and they are often unable to negotiate repairs, which puts new owners in a financially troublesome position.”
For seven years, Branyon has been a HomeTeam franchisee with 11 employees on four teams across two locations in Winston-Salem and Greensboro, North Carolina — an area known as the Triad. Home inspectors are educators, according to Branyon, as well as consultants in the homebuying process.
“You're making a tremendous investment, and it can cause a lot of stress and a lot of financial instability if you're moving into a home without getting a home inspection,” Branyon said. “In a lot of areas there could easily be $30,000 to $50,000 worth of fixes that owners take on with a new property and they are immediately saddled with the burden to fix these issues over the life of the house in order to maintain the value of their home or improve it over time. This is why a home inspection is so vital.”
While trends do point to a housing inventory shortage, unwilling sellers and skyrocketing prices are creating more difficult situations that are leading to buyer’s remorse after making snap decisions.
How Trusted Inspectors Can Make the Homebuying Process Easier
HomeTeam aims to help ease the stress created by the current housing market with its unique team-based approach, using multiple certified professionals to conduct inspections, rather than single inspectors. It’s a method that not only saves time but also allows inspectors to focus on their unique areas of expertise during an inspection. The types of inspections and services that might be necessary, Branyon said, depends on the area of the country the home is in.
“For example, based on what's common in North Carolina, we always recommend that potential owners get a termite inspection, a radon test for older neighborhoods and a sewer scope to see what the drain line looks like going out to the street.”
Those are just the basics, Branyon said. HomeTeam offers plenty of extra services, including septic inspections and water tests.
“HomeTeam owners are not just home inspectors; they’re knowledgeable members of their community and trusted resources that agents, sellers and buyers alike can lean on for support and to help guide them to make the best decisions,” said Adam Long, HomeTeam Inspection Service president. “HomeTeam lessens the risk because we’re able to get things done quicker.”
The mass exodus of Americans moving from big cities like Los Angeles and San Francisco amid COVID-19 has resulted in a huge jump in home values in more affordable places, like Utah and Idaho. A recent study now shows buyers are paying peak prices in some areas and could be stuck waiting a while for their home’s value to improve before seeing a return on their investment.
“Getting a home inspection is key, regardless of the situation that you're experiencing with the seller,” Branyon said. “If a buyer needs to forgo the inspection contingency in order to win the deal, and they are comfortable taking the risk of owning the house and whatever comes with it, we always still recommend that buyers at least get a home inspection as they move in. This way, they are immediately aware of any and all issues that need to be addressed and can build a plan on how best to maintain the home.”
