If you’ve been thinking of buying or selling a Lubbock home, let me give you something else to think about… a home inspection!

A home inspection is a visual inspection of the structure and components of a home to find items that are not performing correctly or items that are unsafe. A Lubbock home inspector’s report will review the condition of the home’s heating and air conditioning systems, interior plumbing and electrical systems; the roof, attic, and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement, and visible structure. If a problem or a symptom of a problem is found, the Lubbock home inspector will include a description of the problem in a written report and may recommend further evaluation.

Why is a home inspection important? For Lubbock buyers, emotion often affects the buyer and makes it hard to imagine any problems with their prospective new home. A buyer needs the objective and professional opinion of a home inspector to discover all the problems possible with the Lubbock home. The inspection is usually done during the “option period”, a 7 to 10 day time frame included in the sales contract. The option period offers the Lubbock buyer an opportunity to negotiate with the seller for repairs or concessions on price if major defects are found, before the sale is final.

But, an inspection is not only beneficial to a Lubbock home-buyer; more and more home-sellers are choosing to have a thorough inspection when they list their Lubbock home. First and foremost, as a seller you should have a home inspection for full disclosure. You will have demonstrated that you did all you could do to reveal any defects within the home. And, you may save money and hassle by knowing up front what your defects are rather than being faced with costly repairs discovered on the buyer’s inspection. Defects found before the buyer comes along allow you to shop around for a Lubbock contractor and not deal with inflated estimates that a buyer will present. So, you could end up with more money in your pocket after closing!

A home inspection – it’s a GOOD thing!

Mortgage interest rates are near historic lows, and with the enactment of the Recovery & Reinvestment Act of 2009, first time home buyers can also qualify for an $8,000 tax credit. To qualify for this credit, the home must be purchased between January 1, 2009 and before December 1, 2009. “First time home buyer” also pertains to those who have not owned a principal residence during the previous three years.

The tax credit included in the economic stimulus bill is equivalent to 10 percent of the purchase price of the home, but it is capped at $8,000. The tax credit is fully refundable after all tax liabilities are met. If a home buyer takes advantage of the credit, they must own the home for at least three years or the credit will have to be repaid in full.

With the average sales price of homes in Lubbock at $131,000 and the majority of homes being $80,000 or above, most first time buyers can take advantage of the maximum $8,000 credit. The tax credit, however, is subject to income limitations. Single buyers must have a modified adjusted gross income of $75,000 or less to qualify for the full credit, and $150,000 or less for married couples.

Since this program was first announced, we have seen an influx of first time home buyers, here in Lubbock, looking to cash in on this wonderful opportunity. If you want to discuss your options, determine if you are qualified for the tax credit, or get pre-approval for a home purchase, give me a call (806-543-5050).

Hi, my name is Steve Gwinn and welcome to my blog! My wife, Beth, and I are life-long residents of West Texas. We are the parents of three children, and the proud grandparents of eight grandchildren! After many years in the farming industry as well as investment property owners and managers, we began our career in real estate in 2001. We have consistently been among the top producers in Lubbock’s real estate industry for the past eight years.

Beth and I enjoy working together to make real estate transactions a smooth and pleasant experience for our clients. Hardworking and with high moral character, we work as a team to provide the experience and perspective of two certified Real Estate professionals for the price of one! With access to thousands of properties for sale through the Lubbock MLS, we love helping folks find exactly the right home or property to meet their needs. With our years of experience owning and managing rental properties, we can offer first-hand knowledge of what makes an investment property profitable. And, after 28 years of involvement with the farm and ranch industry, I am also a valuable resource in the purchase or sale of acreage. As an added bonus, we can provide guidance and information concerning the loan process, helping buyers to obtain pre-approval from one of numerous reputable lenders with whom we have worked. You’ll not find anyone who will work harder to help make your real estate transaction a smooth and pleasant experience.

My qualifications include:

• Graduate of the REALTOR Institute (GRI)

• Accredited Buyers Representative (ABR)

• Certified New Home Specialist (CNHS)

• Certified Home Marketing Specialist (CHMS)

I am excited to begin this blog as an opportunity to be an important resource for information in this time of rapid change in the real-estate market. I hope you will feel welcome to come back to my blog with questions, comments, or to view the latest real estate news. I look forward to frequent visits with you so come again soon!