Are you considering a home in the Springs or surrounding area? Occasionally, I’ll be providing some research tools for your use.
The short answer is, “Yes.”
The longer answer is, “Yes, because while the bank or lender may not be willing to do any repairs, an inspection still empowers you, as it informs you as to the condition of your home.”
InterNACHI agrees with me. Or I agree with them. Either way, we are in agreement.
W. Brian Arthur posits that our economy isn’t a machine but is more an organic and constantly evolving system. He’s coined the term complexity economics. From the article, “Complexity economics asks how individual behaviors in a situation might react to the pattern they together create, and how that pattern would alter itself as a result, causing the agents to react anew.”
Bear with me here but I think the housing market is a good example of complexity economics. A pattern arises from the collective action of sellers, buyers and renters. However, as the pattern emerges, the same individual actors will then react to the emerging pattern and, in doing so, alter the pattern.
For example, an active market with a shrinking inventory prompts renters to purchase, sellers to list their homes. Buyers are affected, too, as prices increase. The end result is new pattern, born of individual actions.
If you’d like to read more about this idea, here’s the Wiki link! I’m going to be doing a series on this topic, too. More to follow!
We are all about providing tools and information for the community. Check out this Google Map w/overlays.
Ooh. This is a good one. The general rule of thumb is one percent of the purchase price of your home, annually. Jeff Brown, from Main St, has quite a good breakdown on what this means for you as a homeowner.
For a home price of $200,000, that’s $2,000 annually it’s recommended you plan for. You may not always spend that much but I do recommend you save it…because there will be times you do.
Last year, I had to replace my roof ($1K deductible) and repair some damage from a washer that failed ($15 part, $1K deductible).
Knock on wood and I really shouldn’t say this but this year we have been fortunate (so far) and not had any major home maintenance issues.
I don’t disagree with this assessment, including the piece about the tight rental market. There is an interesting data point to keep an eye on as well, with this discussion: we are a town with a lot of VA loans. The military BAH has a lot to do with pricing here. If BAH doesn’t increase, what will that do to our prices?
Looking to buy or sell in Colorado Springs? I’d be honored to help!