If you have been reading the news lately or have been in the process of searching for a new home, it won’t take long to realize that there is a serious shortage as far as homes that are available to purchase. When you are buying a home in a low inventory market, there are several issues that can arise that you normally wouldn’t run into. JMark Inspections is here to talk about the low inventory market that much of the country is in at the moment and what that means for homebuyers everywhere.
What is Causing the Housing Shortage?
Over the past year, there have been several different challenges that people have been facing due to COVID-19. One realization that many people are making is that their current house isn’t really realistic to actually live in after spending so much time as a family under one roof this past year. Truthfully, we have been spending more time in our homes that ever before which allows people to truly see what they love and what they don’t love about their home. This has led to an increased number of people looking to sell their home and buy one that suits their family lifestyle more.
Increased Competition Among Homebuyers
In this seller’s market, there is an increased number of people looking for a home and some serious competition out there for homebuyers. Agents all over the country are saying that new homes are some of the only homes on the market in some areas while other areas have long waitlists for new neighborhoods and communities that are being built. This kind of demand creates a cutthroat atmosphere for anyone looking to purchase a home.
Should You Skip a Home Inspection?
When there is this much competition for a home in a housing shortage, it can lead to people making exceptions that they wouldn’t normally make, just so they can get into a house. One thing that many people are choosing to make adjustments to what is required during a home inspection. Many buyers are only holding sellers to be accountable for certain aspects of the inspection. You should never skip out on an inspection all together. At the very least, you should have some of the bigger systems looked at. This would include the foundation, sewer line and the roof. If there are big issues with any of these parts of the house, you could be looking at thousands of dollars in repairs down the road. You should always get the full inspection but put contingencies on these big ticket items so that if there were an issue, the seller would have to make those repairs or negotiate the price.
Home & Commercial Property Inspections in Pasadena, Pearland, League City, Sugar Land, The Woodlands, Conroe, Friendswood & Greater Houston, Texas
In such a wild market, you can count on JMark Inspections to make sure you are going into the purchase of a home with your eyes wide open. Our inspectors are thorough and trustworthy. Call us today to schedule a home inspection.