Home Inspection

You are buying a home and wondering if your inspection is necessary? While some buyers may decide to waive their inspection, it’s a risky decision. Your home inspection is a crucial step in the homebuying process. It assesses the condition of the home you plan to purchase so that you can avoid costly surprises down the road.

Home Inspections on New Construction

Although home builders and real estate agents disagree, getting a home inspection on new construction is imperative. We think you have at least two home inspections. The first one should happen before the drywall is installed, and the second one should happen a few weeks prior to closing. The best home inspectors will give you tips on what to look for between inspections. They will also help you learn about and document all of the features of your new home.

Home Builders and Real Estate Agents

Homebuilders and real estate agents are generally confident in their abilities. They are also very busy. Having their work inspected can create situations that become difficult and uncomfortable. Home Inspections can cause more work for the parties involved. Generally speaking, real estate agents and home builders like to be the ones in charge and like to keep the home sale process moving along as quickly as possible.

Don’t let the home builder talk you out of an inspection

It isn’t necessarily a red flag if a builder discourages you from getting a home inspection, but it is something to push back on. Some builders believe that home inspectors create unnecessary problems. Builders and home inspectors don’t always see eye to eye. As a home buyer, this is not your problem. Be assertive and insist that you get your inspections done by a reputable local home inspector.

Home inspections
Home inspections and what you need to know

Home Sales, Price Growth Forecast

Minneapolis Saint Paul home sales are following national trends. Be careful when analyzing the local real estate market, though. Every price point, every city, every neighborhood, and sometimes every block can tell a different story.

Minneapolis Saint Paul Home Sales

According to Redfin Corp., investors bought 1,849 homes in Q 3 of 2021, a year-over-year change in homes purchased by investors of 76.6%. The median sale price of these homes was $312,000. New home builders are expecting a sharper increase but continue to battle the rising materials costs. The supply chain also slows the build times and puts increased pressure on local builders to maximize the home sale price.

Minneapolis Saint Paul Home Buyers

Minneapolis and St. Paul home buyers expect to continue battling to get their purchase agreements accepted by sellers. Inventory remains low, and the demand for homes in MSP is still high. Local real estate agents embrace a year of multiple offer situations, frustrated buyers, and demanding sellers.

Interest Rate Hikes

We don’t know the impact that the recent interest rate hikes will have, but so far, it doesn’t seem like it will slow buyers down. Minneapolis Saint Paul Home Sales will likely see a slow down in 2023 when we get through another year of home buyers and real estate investors competing with one another.

Homes that are staged and photographed like this one continue to be in hot demand