Inspections Are Back – But Looking Different
The need for an inspection seems to be a little fluid in the Twin Cities marketplace over the last 12-18 months. Here’s what we’ve been tracking and what we’re seeing currently…
Not Always Needed
During 1st and 2nd Quarter of 2022 many transactions were seeing inspections completely waived. Buyers were finding it very hard to compete if they were making offers contingent
on inspection.
Needed
As interest rates slowly crept up and the market slowed a bit, 3rd and 4th Quarter of 2022 saw inspections back on the table.
Hybrid!
Now during the first few months of 2023 we are seeing a hybrid of the last 12 months. Inspections are back in some cases, albeit looking a little different. Many buyers are putting parameters around their inspection requests in efforts to be competitive: using language like “pass/fail only,” shorter inspection periods, and health & safety items only.
Be in touch if you’d like to get a plan in place for buying or selling in 2023! EMAIL US.
