Princeton Town Topics – Let’s Talk Real Estate – May 22, 2024
TURNING INSPECTION ISSUES INTO OPPORTUNITIES: NAVIGATING A STRONG SELLER’S MARKET
When a buyer and seller can’t agree on inspection issues, it often leads to the house coming back on the market. This situation typically arises when the buyer’s home inspection reveals problems that the seller is either unwilling or unable to fix. Common issues include structural damage, environmental hazards, plumbing or electrical problems, and roof defects. If the buyer requests repairs or a price reduction and the seller refuses, the deal can fall through.
However, in a strong seller’s market with low inventory, this setback can turn into an opportunity. With high demand and few homes available, the property is likely to attract significant interest quickly. The increased competition among buyers can drive up the price, potentially resulting in a higher offer than the original deal. Sellers might even find themselves in a bidding war, ultimately benefiting from the renewed interest in their home. For buyers, it’s a reminder to move quickly and be prepared to compromise in competitive markets.
