Despite the highly competitive nature of the housing market these days, there are certain protections that home buyers are simply not willing to give up. While waiving appraisals, home inspection or other contract contingencies may appeal to sellers, a new survey from the National Association of Realtors shows that buyers aren’t willing to take the risk.
The December 2021 Realtors Confidence Index Survey shows that only 19 percent of buyers waived an inspection contingency last month, down from a peak of 27 percent in July 2021. Also down was the number of buyers who waived their appraisal contract contingency – down 29 percent from the peak in June 2021.
House hunters were even less willing to waive their financial contingencies (10 percent) or a home sale contingency (8 percent).
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (877) 700-0942 and your questions may be featured in an upcoming article.
