Here’s everything you need to know about what’s happening in the Real Estate Market.
Real Estate News in Brief
The NAR’s Pending Sales Index for October fell 4.6% in a month and 37% compared to October 2021. Pending sales in the West region were down 46%. [Source: NAR] Keep in mind that 30-yr mortgage rates were >7% for the entire month of October. They’re now around 6.3%.
The Case-Shiller Home Price Index for September fell 1% in a month. From their peak in June, national home prices have slid ~2.5%, while prices in SFO & SEA are now down more than 10%. [Source: CoreLogic]
Fed Chair Jerome Powell said that “the time for moderating the pace of rate increases may come as soon as the December meeting” during a speech at the Brookings Institution. In other words, no more +75 bps.
The day after Powell’s comments, the PCE inflation figure for October came in at an annualized rate of 6%, better (that is to say, lower) than expectations and a further deceleration from 6.3% in September and the peak of 7% in June. [Source: BEA]
Companies added only 127k jobs in November, vs. +239k in October. This was well below Street expectations. Job losses in manufacturing & biz services dragged the total lower. [Source: ADP]
The NAHB’s Chief Economist expects a mild recession from 4Q 2022–2Q 2023, but sees mortgage rates at or below 6% by end-2023/early 2024, either because the Fed has ‘beaten’ inflation, or because the recession turns out to be bigger than expected. [Source: NAHB]
Pending Sales for October
With 30-year mortgage rates above 7% for the entire month, we knew that October pending sales would be bad — and they were. The NAR’s Pending Home Sales Index (PHSI) dropped 4.6% in a month. That’s the 5th-straight monthly decline in the PHSI. Compared to October 2021, the PHSI was down 37% YoY.
The contraction was significantly worse in the West, with October pending sales dropping 11% MoM and down 46.2% YoY. That’s right, pending sales nearly halved in the West.
Pending sales are a forward indicator of existing home sales (leading by 1–2 months). So prepare yourself for some nasty November and December existing home sales figures.
But there’s a silver lining: mortgage rates are already 90–100bps (a full percentage point) lower. As NAR’s Chief Economist Lawrence Yun wrote, “October was a difficult month for buyers as they faced 20-year-high mortgage rates…[but] The upcoming months should see a return of buyers as mortgage rates appear to have already peaked and have been coming down since mid-November.”
In fact, there are signs that a recovery in activity (thanks to lower rates) is already happening. The MBA (Mortgage Bankers Association) tracks new purchase loan applications on a weekly basis. This is the fourth week in a row that applications have risen week-on-week.
Case-Shiller for September
For the third consecutive month, home prices declined on a month-over-month basis. The national index was down 1.0% MoM, but the 20-city index was down 1.5% MoM. Don’t be fooled by the small numbers; these are big decreases. If this happened every month, prices would be down 12–18% in a year.
As in August, prices declined in each of the 20 big cities. However, for the cities experiencing the sharpest price drops (San Francisco, Seattle, Las Vegas etc.), the magnitude of price declines actually slowed a bit in September.
Source: S&P CoreLogic Case-Shiller Index
NAHB Webinar
Here’s how the National Association of Homebuilders’ Chief Economist, Robert Dietz, sees things:
2020–2021: Unsustainable, above-trend growth in home sales
2022–2023: Compensating below-trend growth in home sales
2024+: A return to trend growth in home sales (with >1 million in new home sales annually)
He expects a mild recession for the next three quarters, unemployment rates rising to near 6% (from 3% today) in 2024 and national home prices falling ~10%. At the same time, his message was essentially optimistic — lower inflation, interest rates and home prices will bring buyers (and builders) back relatively quickly.
A few anecdotes I found interesting:
~50% of the webinar attendees (most of whom were builders) said that they were responding to slowing demand with either price cuts OR enhanced incentives
The construction industry needs ~750,000 new workers every year to keep pace with demand and replace retirees
Right now, two cities in Texas (Houston and Dallas) are adding more new homes than the entire state of California
Note: In any given year, existing home sales are 7–15 times higher than new home sales. This isn’t because builders are lazy. It’s because there are around 145 million existing housing units. Even if builders were able to construct 2 million homes a year (something they’ve never achieved before), that would only raise the total housing stock by 1.3%.
Mortgage Market
After months of extreme volatility, 30-yr mortgage rates had flatlined at 6.6% for several weeks. But with another good (well, improving) inflation figure, and Powell sounding a bit less hawkish, the bond market was in party mode yesterday, rising 70–80 basis points.
Higher mortgage bond prices = lower mortgage bond yields = lower mortgage rates. Yesterday, the 30-yr mortgage rates moved sharply lower to 6.3% — that’s a full percentage point lower than the peak of 7.37% on October 20!
They Said It
“When home prices decline, it’s pretty rare for there to not be a recession.” — NAHB Chief Economist Robert Dietz
“To anyone with a sense of history, the home boom must be a source of wonder. Housing usually leads the economy into a recession. Mortgage rates rise, then housing construction and home sales fall.” — Robert J. Samuelson in a 2002 Newsweek article
Inspiration
There are many different approaches to measure ‘affordability.’ But they all depend on three factors: 1) household income, 2) home prices, and 3) mortgage rates.
Right now, all three factors are moving in buyers’ favor:
Workers are getting paid more
Home prices are starting to slide
Mortgage rates have peaked
Plus, there are more homes available, and less competition than last year, and sellers are more willing to negotiate on things like repairs, covering some closing costs, paying for points etc.
The key is to stay in regular contact with CA Real Estate Group. Your agent will let you know about price cuts, point out stale listings, and will keep you informed about mortgage rates. Also, waiting for the ‘perfect’ moment could be counterproductive. When (if!) conditions look perfect, they’ll look perfect to everybody else too.
The famous Christmas carol tell us that this is “the most wonderful time of the year!” However, a lot can go wrong over the holidays.
This infographic from Iron Security advises us what to be aware of. There are safety hazards, such as frayed electrical cords, holiday theft, and fire hazards, such as when frying turkeys or burning holiday candles. Establish these practical safety measures (even throughout the year) and make this holiday season the most wonderful time of year!
More people are upgrading their current property rather than moving. If you’re one of them and looking for guidance on resale value, project priorities and reputable professionals to work with to get it done, look no further! CA Real Estate Group is at your service!!
Do you find yourself ambling around your home looking like the Stay-Puft Marshmallow Man come winter? If you’re bundled up under layers upon layers of clothing just to keep warm in your living room, it’s probably a sign that the time has come to give your furnace a thorough once-over—and perhaps swap it out for a new one.
While replacing a furnace can be pricey, face the facts: It will be necessary at some point. Putting it off too long can actually cost you money—and can be hazardous.
“When your furnace breaks, not only is it uncomfortable, but dangerous,” says Mark Dawson, chief operating officer of One Hour Heating & Air Conditioning. “Many Americans die every year from exposure [to cold] inside their homes.”
Most furnaces are gas-powered central air systems, which first heat air and then blow it out through ducts and vents. But truly understanding how your furnace works is vitally important. Here are a few telltale signs your furnace is about to go kaput.
1. Your furnace has passed the 15-year mark
A furnace should last about 15 to 30 years before you’ll need a replacement, according to the U.S. Department of Energy. But exactly how long yours will last depends on the brand, furnace quality, and its overall efficiency.
“After 15 to 20 years, a furnace’s performance will most likely start to dwindle,” says Dawson. “While you can make repairs to the furnace, over time it’s more cost-efficient to replace the furnace altogether.”
So if your furnace is more than 15 years old, you should start looking into investing in a new one.
2. You have skyrocketing energy bills
Suddenly getting higher heating bills? This can be a blaring red signal that your system is running less efficiently.
“Over time, motors in the furnace begin to wear and use more energy to do the same amount of work they did when the unit was new,” says Todd Koehler, field manager for American Home Shield, the largest and leading home service plan provider. “This will lead to a pricier bill at the end of the month.”
Another downside to an aging furnace that has not been properly maintained? In addition to the motor, the gas valves and burners can work at a diminished efficiency, which can also cause the furnace to consume more gas.
“We often find a lot of older units showing signs of wear that can lead to inefficient operation up to the point there is a major failure,” says Koehler.
3. You notice elevated dust, soot, or rust particles
Clogged ducts can be the cause of more dirt falling from vents as well as the root cause of improper airflow to parts of the home. Very old systems—especially in homes with pets or smokers—are often in serious need of a thorough duct cleaning. And while a dirty furnace can be a sign of lack of maintenance, it could put you on the express lane to needing a replacement.
“Cleaning the burners for proper combustion will eliminate soot,” says Koehler. “And general maintenance such as duct cleaning and changing the unit’s filters will fix the dust issue.”
Plus, you’ll add to the life of your furnace in general. However, if there’s still a lot of dust after a thorough cleaning, a new furnace may be in order.
4. There’s too much humidity in the home
“A combusting furnace will dry out the air and remove humidity, which is normal,” says Koehler. But over time, the heat exchanger can develop thermal fuel residue. That residue will prevent your furnace from heating up enough to then remove humidity from the air. This can lead to higher than normal humidity—the ideal balance is between 30% to 40%—in the home.
“The opposite issue can also occur if the unit develops heat spots from years of operation,” adds Koehler. “Replacing the unit will help resolve these issues.”
5. Rooms heat unevenly
When your kitchen is hot while your den is freezing, it’s probably time to replace your furnace.
“The furnace isn’t pushing out the necessary heat throughout the home as it should,” says Dawson. “While you could have a licensed professional make repairs to the furnace, it’s a short-term solution—and the bigger problem will eventually have to be addressed.”
A good rule of thumb is if a repair costs about 50% or more of a new furnace, you should get a new one, adds Dawson.
6. Your furnace is noisy
Is your furnace loud? Or making more rattles, buzzes, or hums than a jazz trio? Then cracks, leaks, or other structural issues may be trumpeting that a new furnace is in order.
“There shouldn’t be any odd sounds coming from the furnace, apart from the typical noises a furnace makes when starting up,” says Dawson.
If you do notice things going thump in your furnace, it’s likely time to hire a licensed professional to do a maintenance check. Just keep in mind odd sounds are one of the first indicators that the furnace will need to be replaced soon.
“Cracks in the system or leaks might be more costly to repair than just biting the bullet and investing in a new furnace,” Dawson says.
To keep the holiday dinner conversations peaceful, instead of talking politics and religion, talk about REAL ESTATE! Here are your talking points. (Although it could easily lead back to the aforementioned subjects so beware.)
October Existing Home Sales Plunge
Much higher mortgage rates have ensured that this will be the coldest 4Q in quite some time — at least as far as existing home sales go.
According to the NAR, October existing home sales fell 5.9% month-on-month (compared to September 2022) and plunged 28.4% year-on-year (compared to October 2021). This is the 9th-consecutive monthly drop. This is much more than just a seasonal slowdown.
Note: The 4.43 million figure you see in the chart below is a seasonally-adjusted, annualized figure. 4.43 million homes were not sold in October. Instead, it’s telling you that if the pace of sales seen in October (adjusted for seasonality) continued for the next 12 months, you’d sell 4.33 million homes. This figure is just 10% above the May 2020 low of 4.07 million.
Source: NAR
In addition, there continues to be a big difference from region to region. Things were much worse in the West, where existing home sales were down 38% YoY and there was a dramatic contraction (41%-45%) in the sale of higher-end homes. On the other hand, the Northeast is performing the best (smallest contraction of 23% YoY). Also note that the big decline in homes priced between $100–250K across the US is at least partially due to fewer homes listed within that price range thanks to rapid home price increases.
October 2022 Existing Single Family Homes Sold
By Region and Sales Price
Source: NAR
Mortgage Market
After the big decline two weeks ago, average 30-year mortgage rates have hovered around the 6.6% level. This means that monthly mortgage payments are $100–200/month lower than they would have been in mid-November when rates were at 7.25% (with no points purchased).
✅ VA Loans can help make homeownership possible for those who have served our country.
✅ These loans offer great benefits for eligible individuals and can help them buy a VA-approved house or condo, build a new home, or make improvements to their house.
✅ Homeownership is the American Dream. One way we can honor and thank our veterans is to ensure they have the best information about the benefits of VA home loans.
Our friends at Old Republic Home Protection share these safety tips to keep our families and our homes protected.
According to the National Fire Protection Association, approximately 51,000 electrical home fires occur annually, resulting in nearly 500 deaths, more than 1,400 injuries, and over $1.3 billion in property damage. And, according to the U.S. Consumer Product Safety Commission, nearly 400 people are electrocuted each year.
How can you keep your family safe from household electrical dangers?
1️⃣ Extension cords should be used as a temporary fix, not as household wiring. Keep them free of knots and tangling around other objects.
2️⃣ Do not attempt to force plugs into wall sockets if they don’t fit. Move to an outlet that will accommodate the plug securely and correctly. If plugs won’t stay in a socket, the outlet may be damaged and should be repaired or replaced.
3️⃣ Use lightbulbs with wattage that complies with the lighting fixture.
4️⃣ Keep all electrical appliances away from water! If an appliance does fall in water, unplug it before retrieving it.
5️⃣ Unplug all appliances during an electrical storm to prevent damage from power surges.
6️⃣ Keep a distance of at least three feet between space heaters and rugs, curtains, furniture, and other flammable objects.
7️⃣ Always use power strips with surge suppressors on delicate equipment, such as computers and home entertainment devices.
➡️➡️➡️ For more home maintenance tips, follow us on FB/IG @carealestategroup
Even in Los Angeles, there’s just something about the holidays that make you feel like ice skating outdoors; call it hometown nostalgia, call it a desperate desire to cool off from all this heat — whatever works! And you’re in luck because there are multiple places you can go ice skating in Los Angeles, even while wearing t-shirts and shorts!
Ice Skating here in SoCal can give you a taste of winter fun without the cold — thank goodness! We have our elves out there looking for more places, so stay tuned as we make updates! Here’s a list of the 11 best places to go ice skating in Los Angeles. Have fun!
For the first time in two years, the Holiday Ice Rink Pershing Square is returning to Los Angeles! Offering lots of winter fun, it’s the city’s largest outdoor rink, welcoming over 54,000 skaters each year. The rink will be open from November 23rd, 2022, through January 1st, 2023. Tickets are available online starting October 3rd, 2022, and must be purchased in advance.
Town Square Park 41902 Main St., Temecula, CA 92590
Drive to Temecula for some ice skating fun! “Temecula on Ice returns with a state-of-the-art ice rink, rental skates, Bobby skating aid, and its own radio station playing the best skating music.” The ice rink is open daily from December 15th through January 8th, 2023, including Christmas Day and a special New Year’s Eve skate. The minimum age to skate is 3 years old. Details and advance tickets are available online.
SkyPark at Santa’s Village: A Nostalgic Christmas in the Woods 28950 CA-18, Skyforest, CA 92385
There are so many things to do at Santa’s Village — tea with Mrs. Claus, breakfast with Santa, shows, and ice skating! “You might even catch Santa out there practicing his moves in between visits to his house and workshop.” Skate rentals are included, or you can bring your own. Recommended for all ability levels, ages 2 and older. Details are available online. They’re open from November 17th until January 2nd, 2023.
Hotel del Coronado
1500 Orange Ave., Coronado, CA 92118
If you feel like scheduling a little getaway, think about the famous Hotel del Coronado. From November 17th through January 1st, 2023, “the iconic resort shimmers and shines as its signature red turrets are draped in thousands of sparkling lights with magical Christmas trees, snowy surprises and garlands galore filling the property with holiday cheer.”
Their special Skating by the Sea Package includes overnight accommodations and two passes to The Del’s legendary beachfront ice rink. Details are available online.
Ocean Lawn at Paséa Hotel & Spa 21080 Pacific Coast Hwy., Huntington Beach, CA 92648
For a fun getaway option, you’ll find an outdoor skating rink at the Paséa Hotel & Spa in Huntington Beach. “This secluded skating experience is complete with holiday cocktails and bites, theme nights, evenings honoring first responders,” and more. Tickets are valid for 90 minutes of skating. Tickets must be purchased in advance and are available online.
Ken Dyda Civic Center
30940 Hawthorne Blvd., Rancho Palos Verdes, CA 90275
Families can have some fun ice skating while enjoying a view of the ocean! Skating in the Park opens Friday, December 16th with a special Tree Lighting Ceremony from 5:30 pm to 8:30 pm. The festivities also include holiday music, inflatables, on-site food trucks, and crafts.
The skating rink will be open throughout the months of December 2022 and January 2023. Reservations are recommended as drop-ins are limited. Check the website for hours, prices, and special themed nights happening throughout the month including Ugly Sweater, the 80s, Under the Sea, and Winter Wonderland.
Huntington Beach Holiday Ice Rink 325 Pacific Coast Hwy., Huntington Beach, CA 92648
Huntington Beach is the place for Surf City Winter Wonderland. From November 18th through January 8th, 2023, families can ice skate “with an unobstructed view of the pier, sand, and sea.” It’s an only-in-Southern-California opportunity. Get the cameras ready! Tickets and details are available online.
The Cube Santa Clarita
27745 Smyth Dr., Valencia, CA 91355
The Cube Santa Clarita invites families to participate this holiday season as they share the tale of the Grinch whose heart was “two sizes too small”. The fun begins on Saturday, December 10th with show times at 12:00 pm and 5:00 pm. Tickets are available online for this special experience. Check the website for details including regular public skating session hours.
Kana Okubo skating at Pershing Square in 2019, photo used with permission
You can skate under the stars at the only 8,000-square-foot outdoor ice rink on the Westside from November 16th – January 16th, 2023 and attend their grand opening on November 16th. There are no timed sessions and no limits. All-day skate passes include re-entry.
Irvine Spectrum Center
670 Spectrum Center Dr., Irvine, CA 92618
From November 4th through January 8th, 2023, families can take a drive to the Irvine Spectrum Center for the chance to Skate Under the Stars! The popular ice skating rink is located in Giant Wheel Court and is open daily. Thirty-minute skating lessons are also available on Saturdays. Check the website for prices and details.
Civic Center Plaza 717 W. Santa Ana Blvd., Santa Ana, CA 92701
The City of Santa Ana is hosting Winter Village, a family-friendly holiday attraction, from December 8th through January 8th, 2023. The festivities include live entertainment as well as an outdoor ice skating rink. A tree lighting ceremony will be held on December 10th at 5 pm. Ice skating is offered for ages 3 and up. Space is limited; advance purchase is recommended and can be done online.
While higher mortgage rates are creating affordability challenges for homebuyers this year, there is some good news for those people still looking to buy a home.
As the market has cooled this year, some of the intensity buyers faced during the peak frenzy of the pandemic has cooled too. Here are just a few trends that may benefit you when you go to buy a home today.
1. More Homes To Choose from
During the pandemic, housing supply hit a record low at the same time buyer demand skyrocketed. This combination made it difficult to find a home because there just weren’t enough to meet buyer demand. According to Calculated Risk, the supply of homes for sale increased by 39.5% for the week ending October 28 compared to the same week last year.
Even though it’s still a sellers’ market and supply is still lower than more normal levels, you have more to choose from in your home search. That makes finding your dream home a bit less difficult.
2. Bidding Wars Have Eased
One of the top stories in real estate over the past two years was the intensity and frequency of bidding wars. But today, things are different. With more options, you’ll likely see less competition from other buyers looking for homes. According to the National Association of Realtors (NAR), the average number of offers on recently sold homes has declined. This September, the average was 2.5 offers per sale. In contrast, last September, the average was 3.7 offers per sale.
If you tried to buy a house over the past two years, you probably experienced the bidding war frenzy firsthand and may have been outbid on several homes along the way. Now you have a chance to jump back into the market and enjoy searching for a home with less competition.
3. More Negotiation Power
And when you have less competition, you also have more negotiating power as a buyer. Over the last two years, more buyers were willing to skip important steps in the homebuying process, like the appraisal or inspection, to try to win a bidding war. But the latest data from the National Association of Realtors (NAR) shows the percentage of buyers waiving those contingencies is going down.
As a buyer, this is good news. The appraisal and the inspection give you important information about the value and condition of the home you’re buying. And if something turns up in the inspection, you have more power today to renegotiate with the seller.
A survey from realtor.com confirms more sellers are accepting offers that include contingencies today. According to that report, 95% of sellers said buyers requested a home inspection, and 67% negotiated with buyers on repairs as a result of the inspection findings.
Bottom Line
While buyers still face challenges today, they’re not necessarily the same ones you may have been up against just a year or so ago. If you were outbid or had trouble finding a home in the past, now may be the moment you’ve been waiting for. Let’s connect to start the homebuying process today.
Water can damage a foundation in countless ways, so homeowners should look to experts for the dos and don’ts.
Water is not always our friend. Sure, we drink it, swim in it, and need it to survive, but when it comes to homes, it can destroy the foundation, says home inspector Thomas Dabb of Immaculate Home Inspections in South Orange, N.J.
Water can enter a home from the exterior and interior, so buyers and homeowners need to keep their eyes open for signs of its presence—or worse—its damage.
The good news is that there are many experts available to spot and diagnose a problem and suggest the best fix. Water expert Steve Barckley with Exceptional Stone Products in Livingston, N.J., believes that homeowners should start by doing everything possible on the outside of the homes to correct problems and divert water away from a foundation.
Share these seven solutions with clients to help them minimize a foundation’s damage in various scenarios.
1. Improve grading. The slope of a property may direct water toward the base of a single-family house or multifamily dwelling rather than away. Cracks or openings in the foundation then allow it to enter, as well as through higher-level walls, the roof, and other entry points. Fix: “Be sure the grade slopes away from the house,” says Bill Coulbourne, a structural engineer whose eponymous company is near Annapolis, Md. A berm of soil or a swale with planting can prevent water from making its way to a foundation, says Cary Jozefiak, a home inspector with HomeTeam Inspection in Chicago. Caveats: This approach requires periodic maintenance to be sure the berm doesn’t erode. “It also needs to be directed so water doesn’t move toward a neighbor’s property,” Coulbourne says. Using a French drain to allow water to dissipate slowly from near the foundation into the landscape is more environmentally friendly than introducing it into the street to wash away, says Barckley. French drains also require some preventive maintenance to avoid clogging, Jozefiak says.
2. Waterproof a foundation. Keeping the foundation dry will prevent moisture from accumulating on the outside or entering inside. Fix: If wet, the best fix is to waterproof the exterior perimeter and interior walls of a basement or crawl space to prevent capillary action from building up, says New York City architect Victor Body-Lawson of Body Lawson Associates. “What we try to do is create an envelope around a building so water can’t enter through its skin, sometimes with a rain screen that drains water down and out to a storm drainage system,” he says. A sump pump will help if there’s moisture and water inside. It must drain far enough from a house, so water doesn’t recycle back inside if the property slopes or there’s an opening. Home inspector David Rose of Astute Home Inspections in Plainfield, N.J., suggests the drain be at least 5 feet from a house. A backup battery will prove useful if power fails.
3. Install gutters and downspouts. Water flowing off a roof will land near a house and possibly cause damage over time. Fix: A good line of defense is to have both gutters and downspouts installed around a home or building’s perimeter. The downspouts should extend far enough to carry away the water rather than have it sit near a foundation. Jozefiak recommends six feet away from a house. To keep gutters and downspouts functioning, they must be cleaned. How often to do so may depend on the trees near a house, Coulbourne says.
4. Keep large trees and bushes away from a house. Tree roots and other plant materials try to grow toward water, which can destabilize a structure and penetrate foundations, says Rose. Fix: If large trees already grow near a house, check that plumbing lines are free, and confirm there aren’t foundation cracks. If problems arise, the tree may need to be taken down or bushes transplanted, Body-Lawson says. Sacramento, Calif.-based landscape designer Michael Glassman suggests consulting a licensed arborist to check roots, stability, and if the tree should be removed. “The best time to remove trees is in winter when they are dormant,” Glassman says.
5. Don’t ignore diagonal cracks. Movement, temperature changes, and time may cause foundation cracks to develop. But large diagonal ones require attention from a structural engineer to avoid bigger issues. “Visual clues appear before structural inadequacies do,” says Madison, Conn.-based architect Duo Dickinson. Among the problems are moisture and salt destroying anything made of steel and non-pressure-treated wood, which may rot, Dickinson says. Fix: Cracks suggest settlement and send a red flag that something might be wrong with a foundation, says Body-Lawson. “It might have sagged but it may not deteriorate further. However, if it continues to do so, the foundation needs underpinning.” Cracks that appear in foundation walls due to settlement may be visible in a first floor’s interior, too, says Coulbourne. Hairline cracks are common, but when it’s a quarter-inch in width and V-shaped, it may indicate pressure on an exterior wall.
6. Check for significant leaks and stains, especially efflorescence in a basement. “An unfinished basement is the best basement because it’s easier to see problems,” says Rose. Fix: When a basement is finished, experts recommend looking for clues. For example, a rust color that shows through paint can be a sign of moisture, says Barckley. Efflorescence—white powder left behind from minerals in water—may also appear. Coulbourne says that mold is another indicator, most likely visible at the base of a wall where moisture accumulates. Use your nose, too, he says. “If you walk into a damp basement, you can smell that,” he says. Sometimes areas covered over need to be checked. For example, Rose may pop open ceiling tiles to examine what’s behind them.
7. Learn why interior or patio floors may slant. It could be that a house is settling, which happens over time, says Body-Lawson. “Old houses may sag a little and then stop,” he says. But if the floor or patio was level and now slants, it might be time to hire a structural engineer, says Jason Chang of Jersey Inspections in Verona, N.J. Fix: Floorboards, tiles, and carpet can be picked up, joists shimmed, and a new layer installed, says Body-Lawson. If water gets under pavers outdoors, they may need to be taken up, the pitch of the patio checked, a membrane or drainage system installed, then pavers put back, Jozefiak says.
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