GITNUX MARKETDATA REPORT 2024

Statistics About The Average Price Reduction After Home Inspection

The average price reduction after a home inspection is typically around 1-3% of the original list price.

Last Updated: June 23, 2024

How we write

In this post, we explore various statistics related to home inspections and their impact on the selling price of a property. From the average cost of home inspections to the typical price reductions negotiated post-inspection, we delve into the data to understand the significant role inspections play in real estate transactions.

Statistic 1

"On average, homeowners spend between $279 and $1,000 on home inspection"

Statistic 2

"The national average for home inspection price is around $315"

Statistic 3

"The average price reduction after a home inspection is around $10,000 to $15,000"

Statistic 4

"Nearly a third (29%) of satisfactory home inspections lead to a price reduction"

Statistic 5

"On average, minor repairs on home inspection reports can reduce the home's selling price by 1.5%"

Statistic 6

"About 85% of homes sold in the American market require certain home inspection repairs"

Statistic 7

"Buyers typically manage to negotiate the sale price down by an average of $14,000 after home inspection"

Statistic 8

"Homes with electrical faults contribute the most to home inspection price reduction with 55% occurrences"

Statistic 9

"On average, a standard home inspection leads to a reduced price of about 12%"

Statistic 10

"A survey revealed that 83% of all home inspections identify at least one problem that needs attention"

Statistic 11

"Nearly 64% of home buyers use inspection results as a bargaining tool for price reduction"

Statistic 12

"Houses with foundational issues have an average price reduction of 20%, making it the most contributing factor"

Statistic 13

"Home inspections were involved in at least 63% of all successful real estate transactions"

Statistic 14

"Averagely, home inspection takes about 2 to 4 hours, which is beneficial in ensuring thorough scrutiny for price reduction"

In summary, home inspections play a crucial role in the real estate market, with statistics showing that they lead to significant price reductions for buyers. The average cost of a home inspection falls within the range of $279 to $1,000, with a national average of around $315. On average, buyers can negotiate a price reduction of $10,000 to $15,000 after a satisfactory inspection, with minor repairs potentially reducing the selling price by 1.5%. Electrical faults and foundational issues are key factors contributing to price reductions, with standard inspections leading to an average price decrease of about 12%. The thorough scrutiny provided by home inspections highlights critical issues in the property, benefiting both buyers and sellers in the negotiation process.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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