From the inbox: what should I look for in a home inspection?

As a potential homebuyer, it’s essential to know what to look for during a home inspection to avoid costly surprises down the road. Here are the some things to look for during an inspection:

  1. Roof – Check for any signs of damage or wear and tear, including missing shingles, leaks, or cracks.
  2. Foundation – Look for any cracks or signs of settlement in the foundation, which could indicate structural issues.
  3. Plumbing – Check all faucets, sinks, and toilets for leaks or damage, and ensure the water pressure is adequate.
  4. Electrical – Make sure all outlets, light switches, and electrical panels are functioning properly and up to code.
  5. HVAC – Inspect the heating and cooling systems to ensure they are in good working order and free of any leaks or damage.
  6. Windows and doors – Check for any cracks or damage to windows and doors, and ensure they close and lock correctly.
  7. Attic and insulation – Look for any signs of moisture or damage in the attic, and ensure the insulation is up to code.
  8. Appliances – Test all appliances to ensure they are in good working order, including the stove, dishwasher, and refrigerator.
  9. Exterior – Inspect the exterior of the home for any signs of damage, including cracks, rotting wood, or damage to the siding or stucco.
  10. Safety features – Check for the presence and proper functioning of smoke detectors, carbon monoxide detectors, and other safety features.
  11. Radon – test for levels of radon gas, which can be harmful if too high.
  12. Sewer scope – inspect the main sewer line to check for any potential issues or blockages.

By taking the time to thoroughly inspect a home, you can ensure that you are making an informed decision and avoid any costly surprises down the road. This list is not all inclusive and is provided as a starting point.

If I can help with buying or selling a home, please let me know!

Rob Thompson, Realtor®, MBA, The Agency Colorado Springs

July 2021 End of Month Stats

We are closing out July 2021 w/an average closed price of $476K, an average of 7 days on the market and an average closed to list price of 104.03%. Conventional loans have dominated the market this month. Meridian Ranch continues to dominate as the top subarea for volume of sales.

July 2020 / July 2021 Zip Code Sum of Sales

Doing a little explorative data analysis. Here are the July 2020 and July 2021 sum of sales by zip code. The dot sizing reflects the sum gradient (larger dots = more sales $).

Data extrapolated from the PPAR MLS 28 July 21.

CoS: State of the Market / Terms of Sale

Conventional is dominating the market in volume of sales month to date, accounting for 46% of sales. Here is the distribution of those sales (and cash, VA and FHA) across the market for the month in $50K incremements.

CoS: Top 10 zips

80831 is leading the list of top 10 zip codes by volume of sales month to date in the area, selling for 3.75% more than list on average. 80918 is leading the pack in terms of closed to list price ratio, selling for 5.53% over list on average.

These stats are part of a custom built platform I have built to deliver relevant hyper local stats to my clients. Please let me know if I can help you!

Rob Thompson, Realtor®, The Agency — 7194406626

CoS: Top 10 Subareas July 2021

Here are the top 10 subareas month to date. Meridian Ranch continues its reign at the top!

Here’s how to read this chart:

Meridian Ranch has 29 sales month to date at an average closed price of $515K, a median of $512K, an average closed to list price of 103.72% (selling for 3.72% above list price), an average of 6.17 days on the market, a median of 4 days on the market, an average seller’s concessions of $244 and a median seller’s concessions of $0.

Seller’s concessions are often referred to as closing costs. I dislike this reference because it lends itself to confusion; I like the more accurate description of “seller’s contribution (concession) to the buyer’s closing costs

Is Cash King?

Cash has the (significant) advantage of no appraisal but does it command the discount many feel it does? Let’s look at the data.

Below is a breakout of the purchase types of the sales YTD in the PPAR region. You can see there have been app 9,856 sales, 1646 of which have been cash. These on the average are paying 3.66% above list price. Contrast that with the 3.87% for conventional, 3.84% for FHA and 3.42% for VA and it’s immediately apparent that cash isn’t currently commanding the discount it has a reputation for.

From the inbox: I see lenders advertising lower than 620 VA loans. Is this for real?

Short answer: yesno. Read the fine print.

Longer answer: the VA actually has no minimum credit score for insuring the loans of qualifying servicemembers. However, most lenders will require a minimum credit score.

There are lenders that offer loans to qualifying servicemembers with lower credit scores. There is always a cost, though. It’s usually in the form of a higher interest rate and higher loan costs.

That said, this can still be a good decision. There is something to be said about locking in housing costs vs renting, for example. But you have to run the numbers and do a cost benefit analysis.

Colorado Springs Realtor®