Real Deal: Housing market shows signs of slowing; people are still resorting to extremes when buying
The housing market is cooling a little bit due to rising interest rates, but the inventory of homes remains low.
Investopedia's Caleb Silver says price growth is slowing.
Home prices in Fairfield County were up 0.7% in April, 0.5 % in New Haven, 06% in Hartford, 0.6% in Litchfield, but that's after big rises in the past year.
The average price for a home in Fairfield County right now is $552,000.
Steve Gladstone with New England School of Home Inspection says buyers have gone to extremes to make sure they don't lose out on buying a home like waiving all sale contingencies.
"It's a foolish move, and it's an unfortunate circumstance because the market is so tight right now, that people are under tremendous pressure to buy a house, with a lot of people following them and waving checks and saying we'll do it without contingencies," Gladstone says.
Gladstone says people are buying houses with very little information and very little knowledge.
He says some of the biggest alarm bells that a home might not be for you are any signs of water damage or pest damage like termites.
"Water is a big issue. People worry about roof leaks, termites, mold and all the environmental, but water is the big one. When you get down into the basement and see that there's dampness or moldy smells. That should ring a bell," he says.
Gladstone says get a certified home inspector, and one that is a member of the American Society of Home Inspectors.