Homebuyer Journey Concerns in a Seller’s Market
If you’re looking to purchase a home in Massachusetts, Rhode Island, New Hampshire or any state right now, you must be aware that this is a serious seller’s market. In fact, in 2021 the number of homes for sale has decreased, but the average home price has soared.
Buying in a seller’s market means you’re likely going to encounter a bidding war – and the bidding wars are about more than just sellers picking the buyer who offers the highest price. In order to sweeten the pot and make offers more attractive buyers are waiving the home inspection contingency. This can lead to serious issues down the line in the form of unforeseen electrical, roof, foundation, or plumbing problems. In fact, unexpected repairs and maintenance issues topped Zillow’s recent list of homebuyer regrets.
While there are systems you can put in place after purchase to reduce your risk for fires, floods, freezing pipes and other damaging occurrences, a proper pre-offer inspection will ensure that you don’t end up with a home that has serious safety risks.
A smart move is to line up a pre-offer inspection for any home you are interested in buying so you’re aware of any safety issues before the offer deadline. This will mitigate your risk of purchasing a home that needs major repairs or has safety issues. This is a secret weapon if you want to stay competitive in a seller’s market.
When in this type of market, saving money is a priority for most home buyers. Home insurance companies often offer discounts to homeowners that take these steps to protect their investment:
- Flood detection systems
- Temperature monitoring
- Propane, carbon monoxide and natural gas detection systems
- Burglar alarm systems
- Home fire alarm systems
Finding creative ways to counter the cost of your dream home is important. These are just a few ways homebuyers can reduce insurance costs and protect their home, family and pets.
Make sure that home safety and security are part of your homebuyer checklist and that your new home is protected from the start. American Alarm is here to help with safety and security systems for your new home.
- Contact us today to learn more about security for newly purchased homes.
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