Our Predictions For Home Inspections
Since the pandemic, it has been hard to get into a home as a first-time homebuyer and we do not think that will change in the short term. As it remains difficult for first-time homebuyers to get into a home, we suspect their emotions to be higher than usual.
This can lead to emotion-driven decisions. As real estate agents and home inspectors, we should be more mindful of this moving forward to better protect our clients.
Increased Listings = Opportunity For Pre-Listing Inspections
As RedFin suggested, more people will begin selling their homes. This creates the opportunity for pre-listing inspections to grow.
Sellers and listing agents might opt-in to pre-listing inspections to help their homes stand out more in the crowd of buyers. The other benefit is sellers knowing where they should invest money in their homes before they list.
Increased Inspections On Condos
As the condo market heats up from less competitive pricing, inspections on condos should rise.
Increased New Construction Inspections
Due to supplier bottlenecks, the pricing of wood and other building materials was heavily increased. Because of this, many homebuilders just stopped building unless a buyer was willing to pay the higher fees.
However, over the next few years, supplier bottlenecks should subside. Moreover, a huge housing shortage should increase builder demand for new homes.
Due to the pandemic, many people shifted away from areas such as California and New York. This led to home purchases in Florida, Arizona, Nevada, and Texas.
We suspect this migration pattern to continue which could lead to higher/lower home inspections depending on the area.
Declining Commercial Inspections
Lastly, with many people now working from home, commercial inspections on office space may slow down for the foreseeable future. Inspections on warehouse space may increase as demand for online shopping continues to increase.