Decline in housing prices bringing more potential home buyers into the market

Veros Real Estate Solutions, a Santa Ana analytics company, forecasts that the upcoming year will show that home price increases in "all but the most upbeat markets are slowing" across the country and that one out of every five markets will undertake a year-to-year decline in housing prices . 

According to the Los Angeles Times, these impending fiscal shifts have also led to inventive financial maneuvering. David Stevens, chief executive of the Mortgage Bankers Association, confirms that Long & Foster Cos. "did a ton of buy-downs" when he was a senior executive with the company. A buy-down mortgage is a financial compromise where, in exchange for agreeing to a price closer to what a seller is requesting, the seller pays a fee to a loaning agency that would guarantee the buyer receiving a lower monthly payment for the duration of his or her mortgage.

With these oncoming changes in the market opening the door for more potential home buyers, the need for a quality home inspection is greater than ever. Declining prices invariably means more prospective buyers competing over a single piece of property. That's a development which puts less pressure on a seller with multiple options to ensure that a home is in sound condition.  Consequently, it falls on the buyer to confirm that a potential home doesn't have any easy-to-overlook defects that could flare into disasters just a few months after first buying it. 

The work that goes into negotiating a good price for a home can be exhausting. But putting in all that effort only to find out later that your property has bad wiring or rusty pipes can be devastating. That's why the value of a quality home inspection is a necessity that can't be overlooked. If you live in the Maryland area and are looking for a professional home inspection company, Alban Inspections is a dependable industry leader that can meet all your needs!