In case you missed it, earlier this week the Federal Reserve chose to leave a key interest rate unchanged for a second straight time. Federal Reserve Chairman Ben Bernanke issued an announcement on Wednesday stating that the Fed would leave the federal funds rate–that’s the interest banks charge each other–at 5.25 percent. The banks’ prime lending rate, the benchmark for millions of consumer loans, will remain at 8.25 per cent.

Bottom line… this is great news for homeowners, especially those with Adjustable Rate Mortgages (as it gives them breathing room and time to find a fixed rate product to move into). Here at Ralph Roberts Realty, we strongly recommend that anyone with an ARM refinance now to avoid problems in the future with rising interest rates. If you would like additional information on benefits of a fixed rate mortgage verses an ARM, contact our office today.

Here at Ralph Roberts Realty, we’ve become accustomed–as has everyone else, we suspect–to pointing out when our founder and namesake graces the pages of a local newspaper or national magazine. After all, when Time magazine calls you “the best-selling REALTOR?Ç¬Æ in America,” you’re bound to make headlines.

This time around though we’re pleased to point out that another one of our staffers, REALTOR?Ç¬Æ Joy Santiago, has made the news. Click here for a picture of Joy, our picture of health!

If you’re in the process of buying or selling a home, you know all about the benefits of using a professional home inspector a part of the process. But how exactly do you go about finding a qualified inspector. While some people rely on the recommendation of family and friends, we suggest looking into what noted home inspector Barry Stone suggests.

From Barry’s September 5, 2006 syndicated column:

1. Professional Affiliations: Membership in a recognized association of home inspectors, such as the American Society of Home Inspectors (ASHI) or the National Association of Home Inspectors (NAHI), is commonly held to be a measure of professionalism among home inspectors. Membership requires adherence to standards of practice, codes of ethics, and ongoing education. On the other hand, no governing body can mandate competent performance or ethical conduct. Regrettably, not all association members are truly qualified inspectors.

2. Inspection Experience: Years of dedicated practice can produce home inspectors with the ability to discover defects that would be missed by inspectors with less experience. On the other hand, shortcomings in talent or integrity can diminish the benefits of accumulated experience.

3. Errors and Omissions Insurance: The importance of E&O insurance is often stressed as an important consideration when hiring a home inspector. If an inspector fails to report a major defect, the deep pocket of an insurance company may be the only recourse. On the other hand, some of the most qualified home inspectors forego this insurance because deep pockets can be an attraction to litigious attorneys.

4. Building Code Certification: Although code certification is not a professional requirement for home inspectors, some inspectors acquire code credentials to increase their knowledge of potential building defects. This knowledge is unquestionably beneficial. On the other hand, increased knowledge is not related to the inherent ability to observe and evaluate defects. It is possible to know the code yet fail to recognize an apparent problem.

5. Formal Home Inspection Training: A common mistake among new home inspectors is to rely on past construction experience, rather than on specific home inspection training. Those who have attended a qualified school are better prepared to commence their careers as inspectors. On the other hand, there is no amount of schooling that truly prepares one for the complexities of inspecting homes. Schooling merely provides a foundation on which to build experience.

6. Ask for a Sample Report: Sample reports provide clues as to the thoroughness of a home inspector. On the other hand, anyone can purchase a high-tech report writing system. The report may look great, but this does not mean there is a qualified inspector behind the printed page. Furthermore, sample reports only show the problems that were found by the inspector, not the ones that were missed.

(c) 2006 Barry Stone

Barry is quick to point out that the above criteria provide only guidelines for selecting a home inspector, and that elements of uncertainty and risk still remain. For recommendations or guidance on choosing a Warren/metro-Detroit home inspector, contact our office today.