In many parts of the country right now, the real estate market is booming. Traditionally speaking, as the seasons changed and the holidays approached, fewer people would attempt to buy or sell a home. Today though, people seem to be buying and selling no matter the season. But a house isn’t the only place people can call a home. Just as the home buying market has been booming in many areas, so too has the rental market and property development market.
Let’s start with traditional single story homes. Assuming an inspector doesn’t find a building code violation, the process of getting into a home is fairly straightforward. After submitting an offer on a house and getting accepted, most home buyers throughout the country have an inspection done before signing the final papers to purchase the home. One way to avoid delays as a seller is to either pay for an inspection ahead of time to catch any surprises or attempt any needed repairs throughout the months leading up to the official listing. Once all is said and done and an inspection has been completed, it typically takes anywhere between four to 10 weeks to close on a home sale, though that varies from state to state. For example, in the great state of California, closing on a house usually takes about 40 days. This gives plenty of time for any needed inspections and repairs to be completed.
So just how hot is the housing market in California? Well, as of 2015 middle-priced houses were priced around $393,000. Considering the state’s cost of living and various well-paying industries, that number isn’t bad. However, that’s not to say that foreclosures don’t happen. In fact, in the state of California, it’s estimated that one out of every 200 homes will experience foreclosure. Fortunately for homeowners, the state has strict laws in place regarding proper notification about any impending foreclosure. Additionally, laws are in place to offer an abundance of opportunities to make payments before a property falls into foreclosure. There are also attorneys throughout the state available to assist homeowners at risk of going through the foreclosure process or even the eviction process.
What do you think? Would you buy a foreclosed home or one with a building code violation? Do you regularly get inspections for any new homes you buy?
