The housing market has seen its ups and downs since the advent of COVID-19. For a moment, in the beginning, it appeared that the real estate market would hit a brick wall. However, with the decrease of mortgage rates to record lows, those worries were quickly put to bed. With the exception of a few areas in the US, home sales haven’t slowed down significantly. However, the question arises – what’s in store for the post-pandemic home inspection industry?
Predictions for post-pandemic Home Inspections
As a first-time homebuyer, you may have encountered some difficulties getting into a home. Unfortunately, it doesn’t appear that this will change in the immediate future. With that being said, we suspect that emotions will be running high among first-time buyers. Unfortunately, this often leads to emotion-driven decision-making. Here are several other predictions to mull over:
- Decreased commercial property inspections – with many individuals now working their jobs from home, commercial property inspections on office and retail space may decline in the near future. However, warehouse space inspections may increase as more consumers are shopping online.
- Increased condominium inspections – the condo market is going to heat up thanks in part to less competitive pricing. Consequently, condo inspections should increase as well.
- Increased listings mean increased opportunities for pre-listing inspections – the fact that more people will be putting their homes up for sale creates more opportunities to have pre-listing inspections performed.
- Increased new construction inspections – with supplier bottlenecks being the norm, wood prices and the cost of other building materials have increased. As a result, many home builders stopped building new homes unless prospective home buyers were willing to pay the higher prices. However, in the next few years, these bottlenecks should subside. Furthermore, the current housing inventory shortage will most likely see new home construction increase. This means that home inspectors will see a dramatic increase in new construction and phased inspections.
- Migration – because of the COVID-19 pandemic, many people left California and New York and relocated to other states such as Arizona, Florida, Nevada, and Texas. This migration pattern will probably continue and lead to higher or lower home inspections depending on the geographical area.
However, irrespective of all this, the fact remains that before buying any house, the relevance of home inspections is essential.
Some Final Thoughts
Although the pandemic witnessed a significant increase in the number of home buyers, the next 3 or 4 years could tell a different story. As far as the home inspection industry goes, it’s likely that the number of home inspections will increase based on the factors above. For more information, call Florida Inspections Unlimited at 954-861-0666 today.