AUSTIN, Texas, June 9, 2021 /PRNewswire/ — Repair Pricer, a pricing tool and service that translates home inspection reports into accurate estimates, today publishes the findings from its Report on Home Deficiencies in the U.S., and their associated costs.
The report found that a total of more than one million repairs were needed during the purchasing process across 50,000 homes surveyed, with the average repair cost totaling $10,000 for each home. Other key findings from the report include:
- Almost half of homes didn’t have a functioning smoke alarm.
- More than a third of homes lacked ground fault circuit interrupter (GFCI) protection, which leaves homeowners susceptible to electrocution, especially in water-prone areas.
- Almost half of homes had drywall cracks, indicating potential foundation problems.
- Defects across the studied homes ranged from under $100 to in excess of $10,000 in repair costs.
“This is the second year we have published our national report, and I am alarmed to see non-functional smoke detectors and GFCI outlets at the top of our list again,” says Christian Adams, Repair Pricer CEO.
“In multiple markets, buyers are being encouraged to skip home inspections altogether in order to secure a contract on a home, so we’re unfortunately seeing people move into homes with no clear idea of the actual condition of that property. Buyers need to be aware that it’s imperative for their safety and financial security to ensure they are getting a home inspection at some point during the home buying process, even if it’s after they move in.”
The real estate industry has often suffered from a lack of clear direction in terms of processes for estimating repair costs. Repair Pricer seeks to change this trend, by providing straightforward repair estimates that help home buyers during the tight contingency period.
The report’s insights are garnered from an analysis of 50,000 home inspection reports performed by inspectors on homes previously for sale throughout the United States in 2020.
Repair Pricer’s proprietary software utilizes real-time quotes from contractors, rolling market surveys, and regular feedback from more than 300 preferred partners, including realtors, inspectors, homebuyers, and others to maintain 98% pricing accuracy.
Repair Pricer is the industry standard for converting inspection reports into accurate repair estimates during the complex home purchasing process, enabling homebuyers and their realtors to act quickly and confidently during the critical home inspection period. Headquartered in Dallas, Repair Pricer saves time for both the buyer and seller when it matters most, reduces realtor and inspector liability and helps realtors and inspectors scale while providing the best home-buying experience for prospective homeowners.