Some Maritime home buyers are forgoing home inspections to gain competitive edge
A house that sold for more than the listing price in West-end Toronto, Sunday, April 24, 2022. (THE CANADIAN PRESS/Graeme Roy)
With a red-hot real estate market across the region, buyers are becoming creative in trying to make their offer stand out — and some are taking on significant risk.
The president of Royal LePage Atlantic says buyers are doing more than just offering over the asking price.
“But also starting to look at some of the terms they’re putting in an agreement,” said Matt Honsberger.
He says some are even forgoing home inspections, something real estate agent Brehannah Hopgood advises against.
“I always recommend buyers to do inspections,” says Hopgood. “There’s just so much to a home that buyers have no idea. Even with new construction homes, I am recommending that my buyers do inspections.”
But with fierce competition in the market, the practice is becoming more common.
Some inspectors are even going out of business.
Normand Leblanc is considering shutting down his Moncton area operation after 17 years.
“Right now, I should be booming, booming, booming busy, and I’ve been talking to quite a few other inspector's offices and we’re all in the same boat,” says Leblanc.
He’d like to see home inspections become a mandatory part of the sale of any property.
In the meantime, agents recommend taking an inspector with you when viewing a home.
“It’s not a full inspection, but it is looking at all the main components, electrical, plumbing and just making sure that there’s no huge red flags,” said Hopgood.
Honsberger agrees.
“It’ll cost you a few bucks, but it’s good peace of mind in the long term,” said Honsberger.
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