According to the BuildFax Index, approximately 7 million building permits for nonreplacement residential work were issued in the U.S. in 2014. But these building permits represent only a small percentage of the work performed nationwide by contractors for additions, remodels and alterations.
Most of us wish we could, but a smarter way to avoid pitfalls is to use the available tools designed to price a home accurately from the start. The National Association of Realtors reports that over 15 percent of home sales are delayed, renegotiated or canceled due to home appraisals falling short of the contract price. Imagine thinking that the home had sold only to have negotiations fall apart over price. And worse, having to start again, at the beginning, with listing the house and seeking a new buyer.