SAN ANTONIO — For those selling a home the housing market is a hot one. But for buyers they're shelling out more money to get into their new home, and skipping steps along the way.
In this incredibly fast moving housing market homes are selling so quickly, that buyers are paying well above the asking price and skipping inspections in an attempt to make sure their offer is accepted. Many realtors say that is a bad idea. Realtor Karen Nolan with Coldwell Banker told us, "I'm worried about agents that allowed their buyers to make decisions that are going to cause problems later, and they will they will."
So what is the worst that can happen? Nolan said, "Foundation issues or another worst case scenario because sometimes you can see the foundation if you don't have the roof inspected."
A survey of 1,000 homeowners by Hippo found that only about a third of homeowners spent less than $1,000 on first-year home maintenance costs. And about 2/3 of homeowners had costs greater than $1,000. 13 percent had to pay five grand or more.
A busted HVAC system could be another whopper of a bill for a buyer. Nolan added, "If you don't have that fixed or checked to make sure that it's running and the coils are clean and things like that, that can be disastrous in a minimum of a ten thousand dollar investment after you close and there's nothing the buyer can do about it."
The National Association of Realtors says more than 6 million homes sold in 2021. That is the highest number of homes sold since 2006. And Hippo says thanks to bidding wars 68% or about two out of three buyers paid above asking price. Nolan said, "I had a listing a few weeks ago, they had nine offers the first day, every single offer is for more than the list price.
Baker: "And we want to hear about your experiences buying or selling a home here in San Antonio. Tell us your story on our KENS5 Facebook page or KENS5 Twitter and we may share them on air and online.