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Buyers resort to extreme measures in the competitive housing market
BATON ROUGE - It’s a seller’s market in Baton Rouge these days, making it a competitive market for those looking to buy a house.
Some buyers are taking extreme measures to get their dream home. Philip Cazayoux made offers for three homes.
“In some cases $20,000 over asking and what we felt like wonderful, amazing offers,” Cazayoux said.
He even offered to buy homes without the usual inspections.
“It definitely made me feel somewhat nervous, but, knowing how the market is now and trying to win the house that you really love and want, there's, give and take,” he said.
But, his bids did not win against several competing offers.
“It just turned out that somebody had put in better offers,” Cazayoux said.
Real estate agent, Leo Desselle, says multiple offers and skipping inspections are now the norms for his clients.
“If you're getting a mortgage, the house has to be appraised,” he said. “Even if it goes undervalued, they're like, ‘I'll still buy, I'll pay the difference in cash.’”
But, there are some things buyers can look for in homes if they want to waive the inspection.
“Rotted wood on the outside, maybe aged paint,” the vice-chairman of the Louisiana State Board of Home Inspectors, Ashley van der Meulen, said. “Also, use your senses. Maybe it's not quite cool in there on a hot day or the ceiling…doesn't quite look right.”
While some buyers are in it to win it, Cazayoux decided to drop out of the competitive market.
“I think that buying an existing property is still the way to go and the way to get a better deal, but life happens and there's no perfect time, so we're just going to build,” he said.
April usually kicks off a busy season for buyers, so Desselle says to keep an eye on prices if the supply goes up.
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