The world around us has been in a state of flux ever since the pandemic struck. The real estate market also went through a lot of ups and downs. Health concerns and successive lockdowns led to fewer buyers looking for homes and fewer sellers willing to list their properties. People were also wary of allowing strangers to enter their homes during the pandemic. The pandemic has also led to several households reconsidering their housing needs since their homes have become substitutes for schools, restaurants, offices, and recreational facilities.
Despite some improvement in the economy, economic uncertainty and increased unemployment could have a significant impact on the housing sector through 2021 and beyond. The word on the street is that more listings are likely to come onto the market as more people are likely to consider selling property. The condo market is likely to see a boost. Also, more and more people are likely to move away from larger cities and settle in the suburbs due to the trend of work-from-home.
What are Home Inspections?
Home inspections are needed by many real estate companies. There are many lenders who do not discuss loan options for a home unless it has had a home inspection. Home inspections are done so that the new owners of the house know the exact condition of the house they are buying. Depending on the state, a home inspection may also mean the owner needs to do the repairs on the home before it can be sold in the market. When you have a home inspector come to your home, he or she will look at the electrical system, roof, plumbing, foundation, and other areas of the house that would be expensive to repair.
As far as predictions for Home Inspections go:
- Sellers and listing agents are likely to opt for pre-listing inspections in order for their homes to stand out in the market.
- Since it continues to be a difficult task for first-time home-buyers to get into a home, their emotions might tend to be higher than normal. This could lead to emotion-driven decisions. It is for real estate agents and home inspectors to be mindful of this, so as to protect the clients’ interests.
- Home inspectors might see a considerable rise in phased inspections and new construction inspections. The pandemic had resulted in supplier bottlenecks due to which the price of building materials had considerably risen. It is thought that supplier bottlenecks will reduce over the next few years. Also, there is the likelihood of an increase in demand for new homes caused by a significant housing shortage.
- Inspections on condos are predicted to increase due to the condo market heating up from less competitive pricing.
- Migration from cities to the suburbs has been a fallout of the pandemic. This pattern of migration is likely to continue resulting in a higher or lower rate of home inspections depending on the area.
- Due to work-from-home being the new normal now, it is possible that there might be a reduction in commercial inspections on office spaces. At the same time due to the increase in online shopping, inspections on warehouse spaces are likely to rise.
- Inspectors and agents are planning to go for virtual tours, complete with videos and photos, in order to limit face-to-face interaction during the pandemic. Not being able to see the inspection might seem nerve-wracking, making it important to think about one’s comfort level with a virtual tour of the inspection process.
Home inspections are a crucial part of the home buying process. The pandemic has changed how inspections happen. To ensure the safety of everyone involved, fewer people are encouraged to attend, and everyone who is attending the process is encouraged to wear a mask, practice safe social distancing, sanitize, and wash hands after anything they touch. Inspections are not required by law or by most banks, but the process gives potential buyers the data they need when determining when to buy a house.
Whatever the kind of building you want to be inspected, we at Atlantic Building Inspections guarantee that you will be 100% satisfied. In the highly unlikely event of you being dissatisfied, you need to pay absolutely nothing. We take pride in our professionalism and integrity.
Having been in the business for more than twenty years, we are committed to fulfilling your expectations. Whatever the size of your property, you can count on us to give you thorough and honest feedback.
Contact us and let our work speak for itself!