Home Inspections in San Diego and La Jolla Are Heating Up
The real estate market is hot. Homes sell quickly and often sell for higher than market value because it’s a seller’s market. Inventory is down, but that hasn’t stopped buyers from trying to find their dream home. Sellers hold all the cards and buyers are doing everything they can to adjust to the market. Some buyers are forgoing home inspections in San Diego to get through the closing process quickly to avoid losing their chance to buy a home. This is a bad idea, even in this red-hot market.
Real Estate Trends To Watch
San Diego Magazine reports that sales are probably going to continue to be competitive. In a seller’s market, this means buyers will continue to face a shortage of homes and fierce competition to buy a home. Interest rates are expected to rise over the next year, which can also increase borrowing costs. This could slow the market overall, but demand should remain high in La Jolla and San Diego, so it may take another year or two for the market to balance out. In the meantime, buyers are making concessions to make sure the sale isn’t halted.
Home Inspections Take Time
The red hot market also impacts the timeline to get a home inspection. There’s a limited number of home inspectors. Unfortunately, many buyers are waiving home inspections in Southern California to make their offer stronger and to avoid being outbid. Some homebuyers even waive the home inspection to save closing costs. Waiving the home inspection can help you avoid purchasing a home that is a financial disaster.
What Can You Do Instead of Waiving the Home Inspections in San Diego?
Homebuyers who want to make their offer stand out have other options than waiving the home inspection. Get pre-approved for your mortgage, which makes sellers know that you’re serious and ready to buy. The seller won’t be concerned about the closing. Another option is to ask for an informational inspection, rather than asking for a contingency in the contract. This means that you are going to get the inspection, but you won’t ask for repairs as part of the final contract. Finally, making a larger down payment can make your offer stand out in this red-hot market.