Got Home Inspection Questions?

How do home inspections work? How long does it take? Who gets the report? All your questions are answered here by Anchorage Home Inspector Kevin Jones of Quality Home Inspections. He has been inspecting homes in Alaska since 1998 and has personally performed over 2500 inspections.
“As professional Home Inspectors, its our job to look for signs of those hidden problems for you. The Home Inspection is an unbiased, professional assessment of the condition of the house. It provides you an expert opinion and professional report on the condition of the physical structure and various systems within a house. Giving you peace of mind on what is likely the largest purchase youll ever make.
“In order to prepare the report, an inspector must conduct a visual inspection of the house. The inspection process typically takes about 2-3 hours to complete. This of course may vary, according to the size and condition of the home. We strongly encourage you to accompany the inspector during the inspection. This will give you a chance to ask questions and become familiar with the systems of the home.
“We will inspect all the structural elements and systems of the home. Items that will typically be included in an inspection are:
 Framing (structure)
 Roof and attic
 Foundation
 Walls
 Electrical system
 Plumbing system
 Heating and air conditioning systems
 Kitchen
 Bathrooms
“Additional items and systems unique to a particular home can also be inspected.
“When the inspection is complete, well tell you of any problems that were discovered and discuss them with you. We will also tell you about any routine maintenance that should be performed, as well as answer any questions you may have. Youll also receive a full written report of the inspection.
“Our goal is to discover and inform you of anything we find that might affect your purchase decision. Well tell you about any problems we find, and make repair recommendations. Well also inform you of what maintenance tasks are required to keep the home and its systems in top condition.”
Do you have more questions? Give us a call or check out Kevin’s full website at www.Qualhome.com.

What is a Home Warranty? Do you need one?

According to Home Security of America, Most homes experience at least two mechanical failures each year. Without HSA Home Warranty protection, typical repair/replacement costs* would be:

System / Repair / Replacement
Heating system / $95-$600 / $1,325-$3,700
Central air / $200-$1,100 / $1,475-$4,200
Water heater / $85-$210 / $420-$705
Plumbing / $100-$1,200 / $480-$2,225
Refrigerator / $80-$515 / $525-$2,100
Oven/Range / $80-$310 / $415-$1,600

*Based on HSA's estimates of retail cost for repairs and replacements of items listed above. Costs may vary in your geographic area.

These costs continue to go up every year, so it's crucial that homeowners are protected from the financial burden incurred should a covered item need repair or replacement.

Lets go over some Home Warranty basics:

Q: What is a home warranty?
A: A home warranty provides coverage for homeowners when their home's mechanical systems or appliances break down due to normal wear and tear. The plan covers the cost of repairing the system or appliance, less the applicable deductible.

Q: What is covered under my home warranty?
A: The HSA home warranty coverage varies from state to state, but generally includes the property's plumbing, electrical, central air conditioning and central heating systems, water well system and structural coverage. Many appliances are covered under the standard coverage; some may be available at an additional charge.

Q:How much is a home warranty?
A: Though prices vary, A warranty on a single family residence is around $360 (depending on choice of deductible amount).

Q: What are the benefits of including a home warranty on the house that I'm selling?
A: The benefits are many, including coverage during your listing period. You also benefit from the likelihood that your home will sell more quickly and at a higher selling price. Homes with warranty coverage attract more buyers than similar homes without a warranty. Plus, you're protecting yourself from the potential of post-sale property conditions that can lead to additional expenses after closing when you offer a home warranty.

Q: How do I get a home warranty on the house I'm buying?
A:If the seller does not offer you a home warranty, write it into the Offer to Purchase as a condition of the sale and ask the seller to pay for it at closing, or purchase the coverage yourself.

Q: How long does the HSA warranty coverage last?
A: Seller's coverage is in effect during the listing, up to 12 months. Buyer's coverage is effective on the date of closing for up to 12 months. The warranty is renewable on an annual basis.

Do you have more questions? Give me a call at 865-6520 and I will give you all the details!

Interest Rates!

I have been told by a reliable source that interest rates are heading down. There are also lots of creative loan ideas to help buyers and sellers get together to sell homes in todays market. Please contact me if you want some creative ideas on how to get your home sold without dropping the price again.

TODAY'S INTEREST RATES-11/27/2007
Conventional 30 Year Fixed 6.125%
Conventional 15 Year Fixed 5.75%
FHA 30 Year Fixed 6.00%
FHA HUD 184 30 Year Fixed 6.25%
VA 30 Year Fixed 6.00%
Alaska Housing Finance Corporation (AHFC)
1st Time Homebuyer Tax-Exempt 6.00%
1st Time Homebuyer Taxable 6.25%
Taxable 6.375%
Veteran's Mortgage (VMP) 6.125%
Reported interest rates are subject to change.
Provided by Homestate Mortgage

Straight from the MAPS program, here are the top 11 reasons

to put your home on the market for the holidays:

11. By selling now, you may have an opportunity to be a non-contingent buyer during the spring, when many more houses are on the market for less money! This will allow you to sell high and buy low!

10. You can sell now for more money and we will provide for a delayed closing or extended occupancy until early next year!
9. Even though your house will be on the market, you still have the option to restrict showings during the six or seven days around the Holidays!
8. January is traditionally the month for employees to begin new jobs. Since transferees cannot wait until spring to buy, you need to be on the market during the Holidays to capture that market!
7. Some people must buy before the end of the year for tax reasons!
6. Buyers have more time to look for a home during the holidays than they do during a working week!
5. Buyers are more emotional during the Holidays, so they are more likely to pay your price!
4. Houses show better when decorated for the Holidays!
3. Since the supply of listings will dramatically increase in January, there will be less demand for your particular home! Less demand means less money for you!
2. Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you!

And the Number One reason why you should list during the Holidays…

1. People who look for homes during the Holidays are more serious buyers!

Anchorage Market Update!

Keller Williams Realty is now home to over 94 of the top realtors in Alaska and is open for business in the Key Bank Building at 101 West Benson Blvd. Suite 503 on the top floor. After returning from the KW Mastermind event in Austin, Texas, which is a gathering of the top realtors in the country assembled to discuss the current market trends, and how to be more effective, we return armed with the latest graphs, videos, and training materials, unmatched in the real estate industry, we are pumped up and ready to take advantage of the current market.

Team Leader Cody Gibson announced the opening of our new Mortgage Company, Metro Alaska Mortgage, in the Key Bank building on the 2nd Floor. Mortgage Specialist Christie Hudson has just returned from extensive training and is ready to get our mortgage company rocking.

Real Estate activity has dropped off a bit, but still remains healthy as of 11/11/2007. Interest rates are bouncing between 6.0% and 6.5 %. It is still very busy, although it does look like we are seeing a few more price reductions than we have been seeing and inventory is rising a bit.Total residential sales as of 10/31/2007 were 2,141, compared to 2,348 last year at this time, or a 9% decline, but the average price increased from $315,768 to $330,412 for a 5% increase. Inventory was reported to be 5032 at the end of October compared to 4,920 at the same time last year, for a 2% increase.

This is the story for Anchorage at this time. Land prices, building materials and labor, are all increasing at a dramatic rate. Prices are flattening a little, but interest rates are holding, so if you are considering purchasing, waiting is not going to get you a better deal. NOW is the time to buy. Inventory is higher than last year, making selection and pricing more attractive.

Based on the numbers, it is still a sellers market, as evidenced by a 5 month inventory of homes. This applies to homes under $350,000. Between $350,000 and $500,000 it is slightly a buyers market, and over $500,000, it is a definite buyers market. It is considered a sellers market under 6 months of inventory and a buyers market at over 6 months of inventory.

Anchorage's market is very healthy and homes are still selling. There are more homes on the market which means you have to be in the lowest 20% of your price range on price, and the top 20% in condition. It seems to me that a lot of people would like to sell at this point and take their profits, but fear of being able to afford a replacement is keeping some people in their current home. I have witnessed some of my buyers, that bought in the last few years, cashing out and making a very nice profit on their investment. So real estate continues to be a solid performing asset, when it comes to investments. It is still possibly the best investment one could make! Call me and I will go over the return you can expect in the current market. IF YOU ARE WAITING FOR THE BUBBLE TO BURST, DON"T!