Home Inspections: Why Good Things Come to Those Who Don’t Always Wait

GreenWerks | Mar 3rd, 2010 | No Comments »

Good things come to those who wait.

Apparently, in the housing market, this doesn’t necessarily hold true.
With the number of homes for sale now at an all-time high, combined with the effects of a worldwide economic downturn, people are seeing a decline in home prices – the first in nearly a decade. Many buyers are holding out, hoping to get better deals than what the market is currently offering. However, according to Kathleen Kuhn, President and CEO of HouseMaster (one of the largest home inspection organizations in North America), waiting isn’t necessarily the smartest move – it might actually be better to buy now.

“These days, there are a few savvy buyers finding ways to negotiate good deals,” Kuhn says. “They understand that the listing price isn’t necessarily the seller’s bottom line. How are they negotiating? Well, these buyers are leveraging the reports of professional home inspectors to get the best price out of the properties they’re interested in.”
Here’s how it works. After the bidding and signing of contracts, a home inspection is performed. This generally includes an evaluation of electrical systems, plumbing, heating and cooling systems, structural elements, and other home operations. Home inspectors then document and report on all areas of concerns, and in cases where they find a defect or a potentially problematic system, the home buyer can use these as leverage in order to negotiate a better deal.

Contrary to what some buyers or real estate sellers may think, this is no small matter. Research conducted by HouseMaster has shown that an astounding 40% of resale homes have defects that would cost about $500 to $1000 to repair.
Kuhn explains: “If the property is as the buyer expected, then it’s easy to push through the deal with confidence. If there’s something wrong, a roofing problem or something of the sort, they can discuss this with the seller and have it addressed, possibly even negotiate a lower price for the house. That’s why home inspections are so important; they can alert the buyers before they make the final decision.”

With home inspections, homebuyers holding out to wait for lower prices can do something more proactive to negotiate better deals. Indeed, while it’s good to wait for opportunities, it’s even better to just make them happen.
For more information on the home inspection process, home maintenance, and home ownership, visit housemaster.com.

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1. Buying a House? Weed Out Potential Trouble with Professional Home Inspections
2. Home Inspections: Why Good Things Come to Those Who Don’t Always Wait
3. Buying a Home? Here's How You Educate Yourself
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