The term "Hot housing market" has been all over the news. But what does that mean?
A hot housing market happens when there are more buyers out there than houses—aka the demand is high and the supply is low. So we are currently in a sellers market, not a buyers market. So if you are looking to buy a new home, what does this mean?
Some say that in today's hot real estate market, more and more buyers are being pressured to make offers on homes without full home inspections. Less than 25 per cent of all home sales are being inspected.
Home inspectors are noting that many are requesting an inspection after a sale has gone through because they weren't able to get one beforehand, sometimes leading to "horror stories."
While purchase home inspections (after an offer has been accepted) are not as common now, pre-offer and pre-sale inspections continue to take place, but buyers should make sure they're getting full inspections, instead of what are called "walk through inspections." These inspections only provide a very basic visual inspection of areas that are accessible through the limited time provided in a showing.
Knowing your rights as a home buyer is important. Make sure that if you are getting a home inspection, it is booked for a sufficient time. Just 30 min is not enough.
A home may be a buyer's biggest investment he or she will make in their life. It is important to know exactly what you are getting.
Having a real estate agent that is on your side is important as well. A good realtor will be able to negotiate more time for inspections.
If you are trying to buy a home in this market, don't feel like you have to be forced to buy something without knowing the full picture.
Key Home Inspections has been protecting consumers since 2003.
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