The home inspection part of the home buying process is often challenging. Sellers have lived in the house for years and think that everything is just fine. We often hear sellers say “it’s been just fine for us so why isn’t it fine for the buyer?”.
Buyers have a drastically different take on the same report. Often times they’ll take the inspection report as a checklist for all that’s wrong with the house. There’s almost no such thing as a completely clear report. Even in instances with a very good report, buyer’s will often try and use that as a negotiating tool to lower the price, get a credit, or even do upgrades. That’s definitely not the intention. The inspection is done so that you are an educated buyer as to what’s working and what may need repairing. They also call out items not up to current code (but still very functional….codes just change all of the time). I always recommend to my buyers to focus on safety issues and what actually needs to be repaired to working condition.
In an area where there is simply no space for “new” communities, it’s very rare indeed to see a new neighborhood pop up. El Segundo is seeing just that with Pacific Landing from Emerald Homes and D.R. Horton. Pacific landing consists of 24 single family homes ranging from the high $1.6Ms to the high $1.8Ms. The homes will all be slightly under 3,000 square feet with all being 4 bedroom and either 3 1/2 or 4 1/2 baths.
Located near 919 Camber Lane, the community of Pacific Landing is located in charming El Segundo. El Segundo offers a great community feel with it’s Main Street area of shops and restaurants, multiple parks, Dockweiler State Beach and award winning schools. As it’s the furthest north town in the South Bay, it’s also ideal for commuters and cut as much as 45 minutes off a drive each way.
Buying a home is one of the most important purchases you will make in your lifetime, so you should be sure that the home you want to buy is in good condition. A home inspection is an evaluation of a home’s condition by a trained expert. During a home inspection, a qualified inspector takes an in-depth and impartial look at the property you plan to buy. The inspector will:
Evaluate the physical condition: the structure, construction and mechanical systems.
Identify items that should be repaired or replaced.
Estimate the remaining useful life of the major systems (such as electrical, plumbing, heating, air conditioning), equipment, structure and finishes.
After the inspection is complete, you will receive a written report of the findings from the home inspector, usually within 1-2 days.
When you make a written offer on a home, you should insist that the contract state that the offer is contingent on a home inspection conducted by a qualified inspector. You will have to pay for the inspection yourself, but it could keep you from buying a house that will cost you far more in repairs down the road. If you are satisfied with the results of the inspection, then your offer can proceed.
Finding a Qualified Home Inspector
As the homebuyer, it is your responsibility to carefully select a qualified inspector and pay for the inspection.
The following sources may help you find a qualified home inspector:
State regulatory authorities. Some states require licensing of home inspectors.
Professional organizations. Professional organizations may require home inspectors to pass tests and meet minimum qualifications before becoming a member.
Phone book yellow pages. Look under “Building Inspection Service” or “Home Inspection Service.”
The Internet. Search for “Building Inspection Service” or “Home Inspection Service.”
Your real estate agent. Most real estate professionals have a list of home inspectors they recommend.
Home Inspections Are Not Appraisals
A property appraisal is a document that provides an estimate of a property’s market value. Lenders require appraisals on properties prior to loan approval to ensure that the mortgage loan amount is not more than the value of the property. Appraisals are for lenders; home inspections are for buyers.
I’m sure most MLS systems are different but here in the South Bay the days on market on the CRMLS can be a bit misleading. Many buyer and agents use days on market as a negotiating tool….the longer the home has been on the market, the more leverage the buyer has to come in low or negotiate other favorable terms.
The problem is that days on market doesn’t always indicate just how long the home has been available and is not necessarily indicative of “active” status. As realtors when our clients accept an offer we have the option of changing the status to “pending” or “active under contract”. Pending stops the days on market from accruing, but active under contract does not. A home can go into escrow on day one, change the status to active under contract (again meaning it’s in escrow) and if it falls out of escrow 20 days later the days on market for the home will show 20. It’s very misleading as the home has not been available for those 20 days and now puts the seller and listing agent at a disadvantage…..even though it sold the first day.
The other aspect that leads to misinformation is that with this days on market accruing on many home, it does not allow for an accurate picture of the market. For instance a certain area of town or city itself may show an average days on market for a certain month to be one thing….when many of those homes were not actually available. It may show days on market at 45 when the reality is that the homes in the community actually go into escrow after 30.
It’s a problem that needs to be addressed as it can change perceptions….both on an individual home and the market in general.
It’s been a while since we’ve seen more than just one or two single family homes for sale in the neighborhood of Hollyglen which may start to ease some of the pent up demand in this somewhat secret neighborhood. Although it has a Hawthorne mailing address, this great neighborhood is an unincorporated area and enjoys it’s own award winning school system known as the Wiseburn District. Hollyglen sits just north of Rosecrans and just west of the 405 freeway and has remained somewhat of an unknown jewel in South Bay real estate. I has the feel of Torrance neighborhoods of West Torrance and Southwood, with tree lined streets, schools within walking distance, and offer a very safe and social neighborhood feel. As of April 2, 2014 there are 7 single family homes for sale in Hollyglen, with 3 new construction in the 360 South Bay community, 2 additional homes in Del Aire (but west of the 405 so in somewhat similar neighborhood) priced from $544,000 (Del Aire) to $890,000 for a 4 bedroom new construction in 360. Prices for a 3/2 single family built in the 1950s, which most are, generally range lately between $640,000 and $690,000
Click here to view the current single family homes for sale in Hollyglen CA
One of the nice aspects of El Segundo is that, unlike some of its neighbor cities to the south, it still retains a small town feel. One of the reasons for this is that instead of every “beach bungalow” being torn down and replace with mini mansions that overwhelm the smaller lots, many homes are updated and upgraded and have their original charm. 841 Loma Vista is one of these.