Category Archives: Housing Market

Strong Real Estate Market Means Increased Business for Property Inspectors

Home for Sale SignAs you may have guessed, the real estate market affects the home inspection industry, and it’s been good news for both fields as recent economic information shows an uptick in the housing market. July had the highest rates for new-home construction in the past eight years. Furthermore, interest rates remain low, and the job market continues to improve, according to the Cape Cod Times. In addition,

  • Home builders are feeling more confident, as new-single family homes rose to the highest levels since November 2005.
  • Single-family gains have pushed housing starts to a seasonally adjusted annual rate of 782,000 units. The new-home market appears to be inching forward at a slow but steady rate so far this year, and the outlook remains positive through 2017.
  • Existing home sales are also on an upward trend and are higher than they have been since February 2007. Sales rose in June at a seasonally adjusted rate to 5.59 million.
  • Commercial real estate showed a 30 percent increase in the second quarter this year.

While lower interest rates have many home owners refinancing through different types of programs, the inspection field has blossomed. The aspiring real estate market statistics represent a time of enormous growth potential and prosperity for home inspectors.

Now is the time to prepare for upward trends in home construction and sales. Home inspectors should stay motivated and continue to work diligently as the market continues to rebound. Obtaining specialty certifications for mold inspections and testing, wood-destroying organism (WDO) testing, thermal imaging, and four-point inspections are among several add-on services that can lead to increased revenue for home inspectors.

This is also a great time to market your property inspection business and take advantage of any networking opportunities that may arise. Connect with Realtors and bank and mortgage companies that may use your services. Deliver yourself in a professional manner and keep in touch with them — you want them to remember you by name. Make a positive and lasting impression so that when they need to refer a property inspector to their clients, they know you are the inspector for the job.  After that, deliver service to your clients, and your will continue to receive referrals.

Are you interested in starting your own home and commercial property inspection business? National Property Inspections in the United States and Global Property Inspections in Canada have franchise opportunities in your area. For more information, visit our website and complete the Next Step form.

What’s the Market for a Home Inspection Business?

Inspector + Cabinet2If you’re interested in starting a property inspection business, you’re undoubtedly curious about the market for home and commercial building inspections. The past year’s recovery of the housing market and its current stability are positive signs for the inspection business. But, according to an article posted by the American Society of Home Inspectors (ASHI), the market for home inspections speaks for itself:

  • The majority of home buyers (77 percent) order a home inspection prior to purchasing a home. Among these:
    • 81 percent had a contingency for the inspection in the contract.
    • 79 percent attended and participated in the home inspection.
    • 97 percent believe the home inspection was a good value for the price they paid.

Furthermore, the 2014 year-end sales results provided by National Association of REALTORS®  revealed that 4,940,000 existing homes were sold, and according to the U.S. Census Bureau, 437,000 newly constructed homes were sold. At an average cost of $300 per home inspection, there’s plenty of money to be earned in the business.

In addition to inspections, home inspectors often obtain certification to provide specialty services outside basic home inspections: Mold inspection and testing, thermal imaging, radon testing, and wood-destroying organism inspections are among the most common additional services that inspectors offer. By providing these and other specialty services, home inspectors increase their earning potential and their sales.

Now is a great time to start a home inspection business. You’ll be your own boss, set your own schedule, and enjoy a challenging and rewarding career. And, when you become a franchise owner with National Property Inspections or Global Property Inspections, you’ll receive additional training so you can further diversify your business by offering commercial building inspections.

Learn more about franchise opportunities with NPI and GPI by contacting Julie Erickson at julie.erickson@npiweb.com or 800.333.9807, Ext. 24.

Consider Home Inspection When Looking for a Rewarding Career

Inspector + Dishwasher7Are you uncertain about your career path? Perhaps you are deciding on the field you wish to enter, or maybe you are considering a career change. A career as a home inspector can secure your future in an exciting and rewarding industry. As the housing market recovers and home construction and sales increase, the demand for home inspection services is growing.

Lower interest rates are driving home sales, and the market is better than it has been in recent years. With millions of homes being sold this year alone, choosing to enter the home inspection field could be a wise move for your career. Home inspectors have the potential to claim a percentage of that profit margin, as approximately 80 percent of home buyers will choose to protect their future investments by ordering a home inspection. Most home buyers are more than willing to pay for a professional home inspection, which can potentially save them thousands of dollars and a lot of time on repairs.

When you become a home inspector, you become an integral part of the real estate transaction. Imagine how rewarding it would be to show up at your job with a huge welcome and appreciation from your clients. You’ll work to build relationships with real estate agents, and home owners will respect your decisions and rely on your assistance.

Deciding what you get paid and knowing your worth is part of the satisfaction you get by owning your own business. Start earning what you deserve and invest in your future; learn more about starting your own home inspection franchise with National Property Inspections or Global Property Inspections. If you have further questions about the home inspection industry, territories we have available or owning a franchise, please contact Julie Erickson, director of franchise sales, at julie.erickson@npiweb.com.

Millennials Hit the Housing Market in 2015

By Bill Erickson, Executive Vice President, NPI/GPI

Couple + Agent_shutterstock_189904160National Property Inspections and Global Property Inspections franchise owners/inspectors are doing more first-time home buyer inspections than ever before. One explanation is the improving job market and economy. The other reason is demographics.

The National Association of Realtors (NAR) expects that 2015 will turn out to be a big year for millennials becoming first-time home buyers. Most buyers move into their first homes when they’re between the ages of 25 and 34. This fits the demographics of millennials, and their sheer numbers should drive demand for more home sales.

Also priming the first-time buyer market are easier terms for obtaining a mortgage, including a Federal Housing Administration (FHA) mortgage. The FHA — which is part of the U.S. Department of Housing and Urban Development (HUD) — insures the loan, so your lender can offer you a better deal. An FHA mortgage offers three advantages for first-time home buyers:

  1. Low down payments
  2. Low closing costs
  3. Easy credit qualification

For example, your down payment can be as low as 3.5 percent of the purchase price.

Ask your local bank or mortgage company for more information about FHA mortgages. You can download a free guide to FHA mortgages titled “FHA Home loans 101” at http://www.fha.com/.

Another tip for first-time home buyers: Make your home purchase contingent on a home inspection. This should be a clause in your real estate purchase agreement so that if you aren’t comfortable with the findings of the inspection or with what the seller is willing to repair, you can walk away from the deal with your earnest deposit refunded.