It’s been a wild two years in the real estate world and that’s putting it lightly. Not just in Regina or throughout Southern Saskatchewan, but all across Canada. Even with Bank on Canada interest rates rising, inventory continues to be astonishingly low. It’s been a seller’s market for quite some time. It is no longer uncommon for homes to go $15,000+ over listing price in Southern Saskatchewan. Bidding wars have become the norm and homebuyers are having to get creative to make their offer more appealing. Unfortunately, one of the things we are seeing frequently is that buyers are waiving their inspections.
When we say “unfortunately” it isn’t coming from a place of self-preservation. Are we biased and think that everyone should have a home inspection? Absolutely, but we are not the ones that will have to replace a roof, fix a leak in the crawlspace, or install a new sewer line. The truth is that home inspectors have had time to adapt to this market. We’ve witnessed the industry shift its focus from buyer’s inspections to pre-listing, pre-offer, and post-closing inspections. Things have changed, but we’ve persevered. Homebuyers however are the ones that shoulder the most risk in our current market, and that is the most unfortunate part.
So, what should I do?
If you came here looking for answers, we’re going to tell you something that you’ve probably already heard, “find a good real estate agent.” When we say good, we’re not talking about that agent that you might see on every billboard or your cousin’s boyfriend’s uncle. We are talking about that seasoned agent, the one with ethics, the one with an outstanding team surrounding them.
What we can tell you is that we are still performing multiple buyer’s inspections every week. The secret is that we tend to perform them for clients working with the same handful of agents. It might not be the easiest path to homeownership currently but having a savvy agent with integrity and a creative thought process can be the difference between getting a home inspection or not prior to closing. It makes a difference. Choose wisely!
I waived my inspection, now what do I do?
If you’ve already waived your inspection and purchased your home, the first thing that we’d like to say is congratulations! We’ve worked with clients who have told us that they had submitted 17 offers before finally getting an offer accepted, so sincerely, CONGRATULATIONS! We know it isn’t easy out there, and we promise that we are not judging you for your decision. Now that you’ve closed on your home, we highly recommend getting a home inspection. It will help you paint an accurate picture of the condition of your home while helping you prioritize repairs or updates.