Average Home on Market Requires $11,000 in Repairs
National home inspection report unveils 10 most common home deficiencies and their associated costs.
Repair Pricer, the industry standard for converting home inspection reports into accurate repair estimates during the complex home purchasing process, released its findings on the most common home deficiencies—and associated costs—in homes for sale nationwide. This bears watching, since the state of housing affordability is such that many first-time homebuyers are buying entry-level homes.
The report uncovered more than 1 million repairs needed across 50,000 home inspection reports, with the average home requiring more than $11,000 in repair costs. Key findings from the report include:
· Nearly 55 percent of homes studied contained doors that needed adjusting, a strong indicator of foundation issues. · More than 54 percent of homes studied lacked exterior caulking and sealant, leaving them highly susceptible to extensive water damage. · About 48 percent of homes lacked GFCI protection, leaving homeowners susceptible to electrocution, especially in water-prone areas like kitchens or bathrooms. · The five most expensive home defects—ranging from slightly more than $1,000 to just less than $10,000 in average repair or replacement cost—were identified in 9 to 20 percent of homes studied.
“Homebuyers and realtors across the country should leverage these insights to better position themselves in the stressful negotiation process,” said Christian Adams, CEO of Repair Pricer. “In places like Texas, for example, buyers may only be given three to five days to complete the entire inspection period, meaning they may only have 24 hours or less to make a decision. During this period, having clarity and insight into the cost of repairs listed in a home inspection report is critical to avoid leaving money on the table.”
Historically, the industry has lacked a standard or process for estimating repair costs, which has been a detriment to realtors, homebuyers, sellers and inspectors. With Repair Pricer, homebuyers and realtors receive repair estimates that are 98 percent accurate in 24 hours or less.
Methodology The report’s insights are yielded from an analysis of 50,000 home inspection reports performed by inspectors on homes previously for sale throughout the United States in 2018. Repair Pricer’s proprietary pricing software utilizes real-time quotes from contractors, rolling market surveys as well as regular feedback from more than 300 preferred partners, including realtors, inspectors, homebuyers and others to maintain 98 percent pricing accuracy.
About Repair Pricer Repair Pricer is the industry standard for converting inspection reports into accurate repair estimates during the complex home purchasing process, enabling homebuyers and their realtors to act quickly and confidently during the critical home inspection period. Headquartered in Dallas, Repair Pricer saves time for both the buyer and seller when it matters most, reduces realtor and inspector liability and helps realtors and inspectors scale while providing the best homebuying experience for prospective homeowners. To learn more about Repair Pricer, visit www.repairpricer.com.