2021 Q4 Trending Results: Buyers WAIVING Stucco inspections
Yep… you are reading that correctly !
The ongoing COVID pandemic quarantines, combined with pent up demand by consumers seeking larger homes has created a perfect seller’s real estate market. With that, a concerning trend has emerged. Coupled with limited resale inventory, many consumers had opted to WAIVE not just their Stucco inspections, but MANY preliminary inspections as well… just to be the “successful” (and often highest over-asking price) bidders! We are NOT sure how “successful” they are (or will be) when their uninspected homes present issues which were overlooked during the home purchase process.
We at Michael Angelo Masonry saw the trend evolve when we began receiving requests from buyers, currently under contract, asking us to place them on our work calendars for future inspections to be conducted AFTER they had made settlement on their homes. Initially, I would ask IF, at the very least, whether the current sellers had a pre-listing Stucco inspection performed on their home and was met similar replies: “NO !… In this seller’s market, we didn’t want to RISK asking for any inspections (past or present) because we LOVE the home” !
We then initiated contact to the real estate community to STRONGLY recommend that they have written documentation advising their homebuyers/clients AGAINST electing to waive these essential home inspections.
We would suggest to those who have already purchased or those looking to purchase or sell a home in this marketplace, that a Stucco and/or Adhered Stone Veneer inspection be performed. At the very minimum, conducting an inspection will allay any doubt as to the performance of the home’s cladding system.
Should any areas of damage be found, it allows for contractors to have adequate time to review the inspection report and provide more accurate proposals with detailed scopes of work, thereby minimizing the “rush” often experienced by those attempting to obtain “quick estimates”… AND eventually…reducing the frequency of conflicts and future lawsuits.
Currently, amidst the wave of a third COVID variant (and subsequent quarantines) we expect more of this seller’s market and timid buyer behavior to continue well into Q1 2022.
Contact us if you have questions or concerns about your Stucco and/or Adhered Stone veneer cladding systems.