Common Basement Concerns for Homebuyers & Homeowners

What kind of issues should you look for in the basement? Chris Mancuso from Accurate Basement Repair is here to explain.

I’m joined by Chris Mancuso [sp], the owner of Accurate Basement Repair. Chris has been in the basement repair business for over a decade and helped hundreds of customers all throughout eastern Wisconsin.

Today, we’ll go over a few common questions buyers and homeowners alike have about their basements.

As a buyer, what concerns should you look for in the basement?

It’s important to look at the walls and the floor. You should also go outside the home to check on the grading, gutters, and downspouts.

When you enter the basement, Chris recommends using a flashlight so that you can focus on each area of the basement.

In the video above, the basement we’re in already has reinforcements installed. The previous owner must have put these in to deal with a structural issue. These steel columns were installed to hold the walls in place.

You should look for any cracks, structural issues, and water intrusion.

What kind of cracks should you be concerned about?

Not all cracks are bad cracks. Almost every basement has some kind of crack in the wall.

For example, there is a vertical crack in the wall in this basement. Chris says that this is a settlement crack from years ago, and that he didn’t see any recent movement that would affect the structure upstairs.

As a homeowner, you should always have a professional come out to determine which cracks you should be concerned about. Common concerns would be any cracks that come off the window ledges and long, horizontal cracks. The cracks by the window could indicate that the wall is tilting inward, while long, horizontal cracks indicate bowing in the wall. Both of these issues have to be fixed, but they are each addressed a little differently.

You should always have a professional come out to assess a crack in the basement.

What is the acceptable standard for movement of a wall? What do you do to fix the wall if it is bowing beyond that standard?

This year, the state of Wisconsin did issue a code for wall instructions. That is good news for buyers, as inspectors now have a code to look at.

If there is cracking in the wall with less than an inch of displacement, you will need to install the vertical steel bars we mentioned earlier. If there is more than an inch of displacement, you’re also looking at excavation, wall strengthening, and reinforcements to repair the issue. Accurate Basement Repair can give you estimates and help you with all of these repairs.

Why should you be concerned about water intrusion if you’ve never had water in the basement?

There are a lot of preventative measures you can take to make sure that you never get water in your basement. You might not have noticed any water pooling anywhere, but if you are suffering from wet sock syndrome, there is some water in your basement.

You should also look for efflorescence (or discoloration) on your basement walls. This could indicate a drain tile issue or a grading and downspout problem, as is the case with this property.

Thanks to Chris for stopping by today. If you have any questions for him or if you would like him to inspect your basement, you can give him a call at 414-744-6900 or check out Accurate Basement Repair’s website [link].

As always, if you have any real estate questions, just give me a call or send me an email. I would be happy to help you!

The 5 Benefits of Buying and Selling This Fall

Today, I’d like to share five reasons why you might want to consider buying or selling now instead of waiting until spring.

A lot of people have been asking me lately, “Should I sell now, or wait?”

Predominantly, people tend to think that spring is the best time of year to sell. However, the fall can sometimes see more transactions than earlier months of the year.

Today, I’d like to share five reasons why you might want to consider buying or selling now instead of waiting until spring.

1. Interest rates are low. Right now, you can get a fixed-rate mortgage for as little as 3% or 4%. We don’t know what the interest rates will be next year, so acting now may be your best option.

We don’t know exactly what the future market holds, so acting now may be your best option.

2. Inventory is low. In most price ranges, there is at least a 10% to 15% decrease in the amount of inventory available. Sellers listing right now will benefit from the high demand that has been generated from this low supply. Currently, low inventory can be leveraged for better prices. Inventory in spring tends to increase by at least 15% to 20%. Why wait to sell only to face more competition?

3. Buyers are more serious. People who are shopping for homes at this time of year are very committed to doing so. The market’s current buyers are ready, willing, and able.

4. Transferee buyers are on the market now. If you wait until spring, you won’t be able to capture buyers who are transferring for jobs and must find a home before the end of the year.

5. There’s an upswing of prices. Currently, we’re running a cycle of upswings in prices. It is my belief that in a few months, this cycle will end and prices will stop going up. So, selling your home now while prices are still rising is a good idea.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Should You Trust Zillow With Your Home’s Value?

Zillow’s Zestimates can be deeply flawed when it comes to determining your home’s value. Here’s what you should do instead.

I get a lot of questions from people asking me if they should trust the value that Zillow gave their home. 

To answer that, let me share a few facts with you about Zillow. As a company, they started in 2006. Prior to that, they weren’t involved in the real estate market. Last time I checked, they haven’t sold any homes, either.

Zillow is basically a company that collects whatever data they can find and then puts it into their website to determine home values. The one thing Zillow can’t account for is the upgrades or special features of your home. Think of it this way: has Zillow been in your home? Of course not.

Zillow's estimates, called Zestimates, are determined by an algorithm based on comparable homes sales. In the greater Milwaukee metro area, Zestimates can be off by as much as 10% or more. Zillow even admitted that 46% of the time their Zestimates were off by at least 5% or more. 

Zillow’s Zestimates can be off by as much as 10% or more.

As you might’ve heard by now, a homeowner in Illinois actually filed a lawsuit against Zillow because they claimed their Zestimate harmed their home sale. This may yet turn into a class action lawsuit. Zillow knows they have a problem, and they’ve gone as far as offering a $1 million prize to anyone who can fix their algorithm. 

In the 11 years since Zillow has been around, whenever I get calls from prospective buyers about homes they’ve found on Zillow, I’ve found that 35% of the time their information is inaccurate. Our website’s information, on the other hand, is 98% accurate. 

Taking all of this into account, I wouldn’t put much credo into Zillow’s Zestimate. If you really want to know the value of your home, call a professional Realtor. We can physically look at your home and all of its upgrades and features to provide an accurate valuation. 

If you have any questions about Zillow or you want to know the real value of your home, don’t hesitate to reach out to me. I’d love to help you.