We did a nationwide deep dive on 50,000 home inspection reports. The analysis identified the 100 most prevalent defects and the current and potential costs associated with fixing them. The study found more than 1 million repairs were needed across 50,000 homes, while the average home required more than $11,000 in repairs.
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Small repair issues today can become big
repair costs tomorrow if left unresolved.
Given the prevalence of these defects, and the extent to which they
can damage the home, there are a few recommended best practices
for homebuyers during the negotiation process and contingency
periods.
According to data from Hippo Insurance
A significant regret over purchases
In states such as Texas, buyers traditionally have about five to ten
days for the due diligence period. But in a lot of cities like Austin,
Houston, and Dallas, buyers have been waiving that period because
of the high volume of offers on a house, making contracts very
difficult to acquire.
The real estate industry has often suffered from a lack of clear
direction in terms of processes for estimating repair costs. This
struggle during tight contingency windows led to the foundation of
Repair Pricer. Repair Pricer is a service and tool and provides repair
estimates with 98% accuracy for realtors, inspectors and their clients
during the homebuying process.
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