It has been a crazy market… and it has made people do some crazy things! Before we look forward to 2018, let’s talk about what we won’t miss (and what we hope won’t continue!) in 2017…
The real estate regrets below are inspired by a recent report summarized on RealtorMag: 5 Trends the Housing Market Will Regret. To read the original article in full, click here.
#1: The ‘No-Inspection’ Trend. This is one I just don’t get on any level… even as a selling agent I could never advise my client to put their home on the market with no inspections. Integrity as an agent means knowing exactly what you are selling… and wisdom as a buyer means knowing exactly what you are getting. I worry about the issues that will arise down the road for those who bought homes with no inspections… the surprises of 2018 and beyond will live on in the unknowns that arise for those whom waived inspections.
#2: The ‘Offer Sight-Unseen’ Trend. We talked about this on our blog and on the radio this year. While technology has paved the way for the home to be ‘seen’ via Syke, FaceTime or FB Live, you had REALLY better trust your agent to go this route. The old-fashioned part of my career LOVES taking buyers to view the homes they are interested in and SEE their in-person reaction. Buying sight-unseen isn’t just an industry disruption, it’s just not fun.
#3: The ‘Cashing-Out Retirement Savings’ Trend. Ouch! Life isn’t getting any cheaper to live, and while your down payment has to come from somewhere – your 401K may not be your best bet. To avoid regrets down the road, my hope is that buyers look at the big picture as well as the short and long-term consequences of using retirement funds to buy a home. It’s not a bad idea all the time… unless it’s your only idea with no way to compensate for any penalties incurred.
Is there anything you won’t miss about the 2017 housing market?!
All my best,
Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/