Over the last two years, our friends at U.S. Inspect have identified nearly one million inspection issues. Below is a list of the top 10 they see most often, several of which are a safety concern.

Many of these problems can be easily identified and repaired before you list your home with us, saving you hundreds or even thousands of dollars in post-contract repair costs. Please consult your Jenkins Real Estate Group Realtor® for more information about this important topic.

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Top 10 Inspection Issues

1. A standard receptacle is installed in a location that mandates a GFCI device.
   
   
2. A light fixture is inoperative.
   
   
3. The gutter’s downspout extension is missing. Downspout extensions are required to carry away roof run-off water from the foundation.
   
   
4. The range/oven’s anti-tip device is missing or improperly installed. This may allow the appliance to fall forward.
   
   
5. Some of the home’s wood trim has deteriorated.
   This allows moisture to enter the home and may cause hidden damage behind the trim.
   
   
6. The toilet base is loose. This can lead to leaks which may cause hidden water damage to surrounding areas.
   
   
7. One or more windows have a failed insulated glass seal.
   This allows condensation stains to develop between the glass panes and may compromise the visibility, appearance, and insulation value of the window. Replacement of the insulated glass unit, the sash, or the entire window assembly is usually required to correct this problem. If you’re the original homeowner, many quality window manufacturers have warranties that may cover this problem.
   
   
8. Carbon monoxide detectors are missing. If the home has fuel-burning appliances, which emit CO (carbon monoxide), or an attached garage that’s connected to the living space a CO detector may be required.
   
   
9. A receptacle is loose in the wall or in its junction box. This may damage or loosen the wire connections.
   
   
10. Caulk or grout is deteriorated or missing around the tub/shower area. This may allow water penetration behind the surface, which can cause hidden damage.

If you imagined 2020 was the year you would finally list your house for sale, you may have hit the brakes on those plans when the coronavirus pandemic arrived.

But now, we’re more than six months into the COVID-19 era with no clear end in sight. As many people continue working and logging in to school from home, the real estate market is again heating up with buyers eager to upgrade to a new home.

So stop putting it off: Now is the time to step on the gas in preparing your home to sell. We talked with experts to learn which home improvements will hit the right note with buyers during the pandemic (and beyond).

1. Upgrade your outdoor space

Most of us are suffering from an acute case of cabin fever these days. It’s little wonder that outdoor space has become more important than ever to prospective buyers. “Even pools are becoming more popular in areas where they weren’t before,” says Bill Walker, chief operating officer of Kukun, a web resource for home improvements.

That doesn’t mean you need to splurge on a new in-ground pool; even a minor landscaping refresh can make a big difference and increase curb appeal. Depending on your budget and your neighborhood, you might also consider adding an in-ground fire pit or outdoor kitchen to maximize your outdoor space. For the other five upgrades, click the source link below.

Source: realtor.com

Mortgage rates remain near all-time lows, and many economists believe they will stay for the remainder of this year and well into next year.

“This year has been anything but normal and as the uncertainty lingers, mortgage rates remain” low, says Sam Khater, Freddie Mac’s chief economist. “These rates continue to incentivize potential buyers and the home-buying season, which shifted from spring to summer, will likely continue into the fall.”

The Federal Reserve this week announced the adoption of a more flexible policy to achieve inflation that averages 2% over time. “This significant change can keep interest rates low for longer periods, which could translate into both long periods of cheap mortgages and a strong job market,” the National Association of REALTORS® said in a statement. “More and more home buyers and homeowners are expected to take advantage of these ultra-low rates.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 27:

• 30-year fixed-rate mortgages: averaged 2.91%, with an average 0.8 point, dropping from last week’s 2.99% average. The 30-year fixed-rate mortgage hit an all-time low of 2.88% at the beginning of this month. A year ago, 30-year rates averaged 3.58%.
  
• 15-year fixed-rate mortgages: averaged 2.46%, with an average 0.7 point, falling from last week’s 2.54% average. A year ago, 15-year rates averaged 3.06%.
  
• 5-year hybrid adjustable-rate mortgages: averaged 2.91%, with an average 0.2 point, unchanged from last week’s average. A year ago, 5-year ARMs averaged 3.31%.

Freddie Mac reports average commitment rates along with average fees and point stop reflect the total upfront cost of obtaining the mortgage.

Source: REALTOR® Magazine

Contract signings posted another big jump in July, the National Association of REALTORS® reported Thursday. This marks three consecutive months of growth as markets continue to roar back after facing initial closures from the COVID-19 outbreak this spring.

Pending home sales are now up 15.5% year over year. Each of the four major regions of the U.S. saw increases in pending home sales, both month over month and annually. And NAR Chief Economist Lawrence Yun said there are no indications that contract activity will wane anytime soon, particularly in the suburbs.

“We are witnessing a true V-shaped sales recovery as home buyers continue their strong return to the housing market,” says Yun. “Home sellers are seeing their homes go under contract in record time, with nine new contracts for every 10 new listings.”

NAR’s Pending Home Sales Index, a forward-looking indicator of home sales based on contract signings, increased 5.9% in July over June’s numbers. The index reached a reading of 122.1 in July. (A reading of 100 on the index is equal to the level of contract activity in 2001.)

With nearly all states now at least partially reopened since the start of the COVID-19 pandemic, the housing market is facing a “robust activity from pent-up demand,” according to NAR’s index. Pending home sale increases were led in July by a 20.6% year-over-year uptick in the Northeast, followed by a 15.4% annual increase in Midwest, 14.9% annual increase in the South, and a 13.2% increase in the West.

Yun forecasts existing-home sales to reach 5.4 million this year, a 1.1% increase over 2019. By 2021, he predicts existing-home sales to reach 5.86 million, buoyed by an expanding economy and continued low interest rates. The 30-year fixed-rate mortgage is expected to remain low next year, averaging 3.2% in 2021. Yun also expects housing starts to grow, averaging 1.35 million in 2020 and increase to 1.43 million in 2021.

“Anecdotally, REALTORS® are telling me there is no shortage of clients or home seekers, but that scarce inventory remains a problem,” Yun says. “If 20 percent more homes were on the market, we would have 20 percent more sales, because demand is that high.”

Source: National Association of REALTORS®