Some potential buyers these days are so anxious and willing to speed the process that they waive the home inspection, real estate professionals say. Some aspiring buyers offer more than their mortgage lender will appraise the house for, promising to make up the difference out of their pockets.
“It’s really hard to express to people how crazy it is,” said Elias Acuna, president of the Realtor Association of Pioneer Valley and a broker associate at Maria Acuna Real Estate in Springfield.” Are these prices even realistic because of the appraisals?”
Acuna said he’s seen a home in Springfield get 30 offers in a few days, then sell for tens of thousands of dollars over the asking price. Arrha Credit Union president and CEO Michael Ostrowski said he fears buyers are overpaying and setting themselves up for a difficult situation if they lose a job or have to sell.
“I wouldn’t want to be a young person starting out trying to buy a house right now,” he said. “I’d be scared.”
But he also understands what’s driving the market. Working from home during the pandemic means people need more space. The economy is improving. Interest rates are low.