Many buyers choose to forego a house inspection when purchasing a new home in the Kitchener-Waterloo area.
"We are still sitting in an extreme seller's market, and buyers realize when they are competing against other buyers who will be willing to skip the inspection process." said Nicole Pohl, president of the Kitchener Waterloo Association of Realtors.
Pohl adds buyers and realtors would choose to put a home inspection condition before firming up on their offer. "Still, because of the extreme seller's market, buyers no longer have that opportunity."
In late 2016, early 2017, Pohl shared their inventory became depleted slowly, and multiple offers were becoming commonplace. They saw a migration of people coming in from the bigger cities into smaller areas, that's when we saw people really forgoing all conditions and going in completely firm. She stresses buyers have to consider when they are offering their max price; they could have some things they need to take care of when they have possession of that home.
Now, realtors and sellers are doing a much better job digging deep and getting as much information about the home as possible. "We are working hard to ensure we have the information provided in a home inspection, so it helps eliminate some stress on the buyer." said Pohl.
While it still may be challenging for buyers to purchase given the current seller's market, Pohl suggests that buyers keep searching and make sure their finances are all in order before putting in an offer. "Make sure all your I's are dotted, and your T's are crossed, and make sure you are ready to go when the right house comes along," Pohl said.
With respect to the market, Pohl stated we have already hit the worst before it gets better. We have seen rates flattened in the last few months. "The average prices index hasn't been jumping every month. They have been consistent, and I think that is a great sign that we have levelled off and hopefully have seen the worst."