Strong Fundamentals
In any fast-paced professional sport, particularly those in which speed is enhanced by tools such as in hockey or enhanced by machines such as in NASCAR or formula racing, if you have to think about what your next move is you are probably too late already. Solid, firmly embedded training is absolutely essential; team members without the fundamentals of their lighting-fast sport entrenched in their minds will undoubtedly fail. In a residential real estate market moving as quickly as the one we are currently experiencing, buyers need to be quick on their guard and home sellers need to be quick (and honest) in their evaluation of their home's weaknesses. I have been focusing on real estate fundamentals in my blog lately primarily because it has been easy to become complacent due to the lackluster pace of the market in the previous six years. Fundamentals, though not forgotten, may have been re-prioritized in the minds of buyers and sellers, especially those who have laid low for six or more years. My recent observations of this near super sonic speed marketplace have made it clear that real estate refresher courses are in order.
Significant and potentially expensive or even dangerous fundamental physical areas of concern in any home must be identified:
1. Water leaks: the stains are the tell-tale sign, though some significant problems may not leave visible stains. Still, the fundamental rule is to look for stains on ceilings and near the baseboards, especially in basements or attics.
2. Shifting foundations: look for large, non-hairline cracks along the home's foundation are worth investigating.
3. Drainage issues: look for standing water, either in and around the foundation of the home or in the yard.
4. Termites: an underrated problem; look for weakened or grooved wood, especially near ground level, and watch for unusual "piles" of wood "droppings" anywhere in or around the home.
5. Worn roofs: look for broken our missing copings and buckled shingles, while you're checking out the same area for water spots.
6: Inadequate wiring: look for antiquated fuse boxes, extension cords (indicating insufficient outlets), and outlets without a place to plug the grounding prong.
7. Plumbing problems: look for very low water pressure, banging noises in the pipes, etc.
Obviously, nothing can be better than a full home inspection by a trained pair of eyes, but you can provide your own due diligence by retaining these fundamentals and thereby determining whether or not a professional inspection (and the price tag that goes with it) is worthwhile given the pace of the market. Don't let the speed of the market intimidate you, there is still a fantastic albeit narrowing window at work through the summer, and to use the analogy of different sport for which my town of Huntington Beach is known, the conditions are ideal to catch an excellent wave. In fact, while I saw the market conditions emerging for the summer, I admit did not fully anticipate the dramatic jump in activity, but I have experienced first hand the benefits of returning to real estate fundamentals which may have otherwise become rusty over the last five to six years. Keep your fundamentals at the top of your mind, and you'll end up with (at least) one in the "win" column.
No comments:
Post a Comment