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Zillow Offers iBuyer Collapse – What This Means For Colorado Housing
Unless you have been ignoring the everyday news cycle, you've probably heard the story of Zillow's great rise and recent fall in the iBuyer real estate world. Zillow announced at the end of October that it would be completely closing its "Zillow Offers" division and would immediately stop buying homes. This included a layoff of 25% of their staff and left over 7000 homes on Zillow's balance sheet that needed to be sold. This appears to be an abrupt rethink for the recent iBuying business model and also a big win for agents who offer a much more personal approach to selling a home. If you aren't aware of what Zillow Offers was, here is a quick recap: If you were looking to sell your home over the last year, you could go the standard route and use an agent, or you could contact Zillow Offers which would give [...]
Why Are Home Inspections So Expensive?
Home inspections are a very important part of the home buying process. But why are home inspections expensive you ask? While we believe our fees are reasonable and in line with the market, this question is very highly searched on Google. Our home inspections range from $315 to $1000 based on the size of the home, which extra services you order (i.e. radon testing and sewer scopes), and the age of the property. And while this expense looks like a big number, there are a lot of factors that go into a home inspection that make it more than worth your investment. First, let's talk about the cost of a real estate transaction in general. The Cost of Buying a Home Buying a home is a big deal and a multi-step process. One of the first steps you take as a future homeowner is to figure out how much [...]
What Will Fail A Home Inspection?
What will "fail" a home inspection, i.e. what issue(s) will cause a buyer not to go forward with the purchase of a home? It is a question that is asked frequently by buyers that work with us, and also by many individuals on Google search! It's a good question and an important one. However, the answer is pretty simple. Ultimately, the person who decides if a home inspection "fails" is the buyer of the home. Individuals have very different risk tolerances when it comes to issues that are identified in a home inspection, and which can result in big differences as to why some people will walk away from a deal or why some will move forward with the purchase. As inspectors, our job is not to tell you whether or not a house "passes or fails" but rather to provide you with detailed information on the condition of the [...]
A Home Inspection In A Low Inventory Market
If you have been hunting for a house in the Front Range of Colorado lately, you'll likely understand the term "low inventory." If you are an agent, it's likely one of the first things you tell your clients. Housing inventory in Colorado is LOW. There just aren't that many homes on the market right now. This market update from Madison Properties indicates that the number of single-family homes for sale in the Denver metro area is down a whopping 65% from last February! As a buyer, this means lots of competition on the homes worth buying and higher prices across the board. More and more agents we speak with have been showing exclusively brand new homes as they are the only homes available. Even so, many new developments have long waitlists or entire neighborhoods are sold out of lots. All of this demand causes more cutthroat contract negotiation. People [...]
2020 Inspection Highlights and Fails
Last year, we created our first annual home inspection fails blog. We combined a bunch of funny / wow / unbelievable photos our team of inspectors captured over the year. This time around we are adding in some positives as well. Some fun finds that pop up when you are exploring the wonderful world of homes. While 2020 was a crazy, stressful, rollercoaster year, we hope that these photos bring a smile to your face as you finish out the rest of the decade. Thank you for your business! Enjoy... How To Trick A Home Inspector This fake outlet stash spot had our outlet tester fooled. Golf Anyone? Might have to work on the short game between inspections. Inspection In Estes Park During The Cameron Peak Fire We're still inspecting even when it looks like the apocalypse outside. The Brewers Basement [...]
Do You Pay For A Home Inspection Out Of Pocket?
Ask Your Inspector Series: Question: Do You Pay For A Home Inspection Out Of Pocket? Answer: Generally, you as a buyer pay for the home inspection as you want the information of the report to be in your best interest. In uncommon situations, your agent may offer to pay for your inspection as well. Do You Pay For A Home Inspection Out Of Pocket? This is a common question that first time home buyers may have. And it's an important one. The process of buying a home has many different costs, documents, and transactional jargon. One thing you will notice about the fees is that most of them are wrapped into the purchase of the home. For example, as a buyer, you typically do not pay your agent directly. Their fee is paid by the seller of the home and split between the listing agent [...]
