Before You Use Your Home Inspection To Renegotiate, Think Twice!

We get it; it's tough to be a homebuyer in this market...
"Higher for longer" mortgage rates!
High home prices!
Lowest affordability in history!
But you found a house... made an offer... perhaps even negotiated the price... and your offer was accepted!
You were even able to "keep" the home inspection contingency clause in your contract...
And the home inspection revealed a few "issues"...
So, you want to renegotiate the price (based on the home inspection), right?
Here's why that might NOT be the best strategy right now...
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My name is Jim Flanagan, and after living in Toms River for most of my life and serving this area as a real estate agent, I hope to provide with you a great perspective on what you can expect especially if you're thinking about moving to Toms River. I've actually had 2 experiences moving to Toms Rivers (yes I've lived here 3 times).
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[@Tyler-ed1bt]

why would the price go up on your next purchase? I think its fair if the home inspection comes back and has problems to renegotiate.

[@JimFlanagan-TomsRiverRealtor]

Mortgage rates have been falling steadily for the last month. As demand increases (for every percent rates drop, 4 million home-buyers enter the market), supply decreases. Which means home prices RISE! So, I agree it's fair to renegotiate LEGITIMATE repairs but NOT the agreed upon purchase price (not in this market).

[@viewtifuljon8105]

I think it only applies if you are making an offer every few months giving time for prices to rise. If you already have a second option you like as much as the house you made an offer on you should be okay.

[@JimFlanagan-TomsRiverRealtor]

@@viewtifuljon8105 with the supply of homes for sale (here in Ocean County) already low, most homebuyers don't have the luxury of time on their side... the house they had an offer accepted on 2 weeks ago, could be worth another $5,000-$10,000 next week (especially as mortgage rates continue to fall).

[@akboyz1]

Hahaha. Demand? What is happening to the rate of foreclosures?

[@JimFlanagan-TomsRiverRealtor]

While the rate of foreclosures has increased (year-over-year), it is still BELOW pre-pandemic levels and NOT even close to the rate before the Great Recession...