Company | Williams & Stuart Real Estate
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Blog 1
How Worried Should You be About Asbestos in Your Home?
What is asbestos?
Asbestos is a category of natural, fibrous elements that are naturally electrical, heat, and fire-resistant. For this reason, it was commonly used in high quantities in construction material back in the day. Homes and buildings constructed before 1980 are more likely to contain hazardous amounts of asbestos than newer buildings, due to changes in construction laws. That is not to say that modern homes do not contain asbestos, as it is actually still legal to use it in construction as long as the product contains less than 1% asbestos.
What are the risks?
You may be thinking, this substance has such a negative reputation yet it is still legal, it must not be that bad. Well, that is not entirely the case. Asbestos can be highly dangerous and even deadly in cases of high, prolonged exposure. Once airborne, these tiny fibers disperse throughout the air and can be inhaled into the lungs. Fibers are undetectable to the eye and have no smell, so you will have no idea that you are living in an asbestos-ridden environment until the harmful effects set in 20 to 50 years down the road. The problem with these fibers is that once they are in the body, it is nearly impossible to get rid of them. They build up in the lungs and can even cause genetic damage, often in the form mesothelioma or lung cancer.
You may be thinking, this substance has such a negative reputation yet it is still legal, it must not be that bad. Well, that is not entirely the case. Asbestos can be highly dangerous and even deadly in cases of high, prolonged exposure. Once airborne, these tiny fibers disperse throughout the air and can be inhaled into the lungs. Fibers are undetectable to the eye and have no smell, so you will have no idea that you are living in an asbestos-ridden environment until the harmful effects set in 20 to 50 years down the road. The problem with these fibers is that once they are in the body, it is nearly impossible to get rid of them. They build up in the lungs and can even cause genetic damage, often in the form mesothelioma or lung cancer.
Should you be concerned?
As we said before, most buildings contain at least some amount of asbestos, and older homes likely contain a significant amount. However, the real threat is not the presence of asbestos but the fibers themselves if they are to become airborne. As long as these materials remain unharmed and intact, the fibers are likely to stay contained. The real concern is insulation. As insulation is often light and fibrous on its own, it has a high chance of causing airborne fibers if it has been mixed with asbestos. Asbestos insulation was produced between the years of 1966 to 1978, so if your home was constructed in that time, you are likely living in a potentially hazardous environment.
My current home or the home I want to buy might contain asbestos, what should I do?
Whether you own the home or intend to purchase it, you have a few options. You can hire an industrial hygienist or environmental lab to conduct tests on the exposed building material and air quality to assess the health risks associated with your home. Unfortunately, if you are looking to purchase a house these tests will be conducted under the permission of the seller and most likely at your own cost. Since asbestos is legal and relatively low-risk if well contained, the seller is not obligated to address the issue if there is no prior knowledge of dangerous air content. If you are concerned about asbestos exposure, your best option is to buy a home that was constructed within the last 10-20 years, avoid renovation of any activity that could disturb your walls, floors and ceiling, and maybe consider installing an air filtration system to capture any possible loose fibers.
Don’t fret too much. The fact is, we live among asbestos every day. Be aware, take precaution, and consult a professional if concerns arise. Take solace in remembering this fibrous material does do us a great service of protecting against house fires, electrical damage, and chemical corrosion.
Blog 2
Volatility in the Housing Market
When examining the housing market, there is usually an advantage to one of the two main parties involved: home sellers and home buyers. Current trends indicate that home-buyers have the current advantage; however, this leg up may be its own downfall in the near future. Experts say that the recent volatility in the stock market should cause caution among those looking to uproot any time soon. There is debate over the real cause and effect on the markets, both stock and homeowner, however the different theories seem to all point to one main threat.
The first question examined was, “is this a housing bubble?” The answer: no. Unlike the economic crisis of 2008, this market scare is not being categorized as a housing bubble. For those who may not know, this term refers to a saturation of the housing market caused by over-construction. Home builders tend to become overconfident when prices are low and people are buying. If they are not careful and thinking ahead of day-to-day housing trends, they risk falling into over-construction and over-investing in the creation of homes that not enough people are looking to buy.
So what is the issue with the housing market? It is actually doing very well, and that is the issue. Contrary to popular belief, the volatility of the stock market is not a threat to the housing market, but rather a result of it. When people are buying homes and paying more for them, stock market investors become weary. Think of a house as similar to a stock investment. When stock prices are low, people feel more comfortable buying, but as soon as they begin to rise, those who have them feel more comfortable at the idea of a future sale. Prospective buyers are then inclined to buy soon before prices skyrocket.
Trends like this catch the eye of federal authority and result in a change in interest rates. In order to keep up with the market and ensure profitability, they recognize that now-thinking buyers will be inclined to purchase a cheaper home despite a rising interest rate. First-time buyers are a prime target as the recent generations tend to think less about future costs and more about present benefits. As there has been an increase in young apartment-owners switching to permanent housing, this trend is an advantage to those who control interest rates. In fact, it is predicted that interest rates will rise four times their previous average rate over the next few years.
As is always the trend with investments, when things are looking bad, have hope for the future. When things are seemingly good, proceed with caution. There are clear short term benefits of purchasing a home in today’s market, but do so soon, otherwise you risk facing drastically increasing interest rates, threatening the future cost of your new investment.
