A look at the aftermath of 2017’s real estate market
What a year it was!
The New Year is usually a great time for reflection. It’s a time when most people look back on the good (and sometimes not so good) things that impacted their lives during the year. As I reflect on the real estate market last year, I realize it was a year unlike any other in the K-W area. I’m not sure if we’ll experience anything quite like this again, and I’m not sure if I really want to either. Stress levels were off the chart for buyers, sellers, real estate agents, lawyers, mortgage brokers, home stagers and home inspectors.
Let’s take a look back at the real estate market in 2017 to see what all the fuss was about:
It was a sellers’ market in 2017 with low inventory and a large pool of buyers.
Presentation dates and multiple offers became the new norm.
Houses sold quickly with sellers receiving offers well above asking price, sometimes in excess of $100,000.
Offers were always firm. Buyers didn’t want to risk losing their dream home by including financing or home inspection conditions.
Home inspections were a thing of the past, but it came back to haunt some buyers who discovered serious deficiencies in their homes upon closing.
Unconditional offers resulted in many buyers scrambling at the last minute to arrange mortgages. Some buyers were forced to walk away when they couldn’t obtain financing or realized they had overpaid. Many lost their deposit and faced the prospect of a lawsuit.