Windsor's Real Estate Market
I was going to talk about this week's "Polar Vortex" weather which affected us here in Windsor and Essex County and how to prepare your home for such cold weather, but instead I must speak my mind on what I heard on the radio this week.
I want to make my comments as precise as possible so I tried to google what I heard on the radio but couldn't find any information. So hopefully I'm relating what I heard accurately.
Currently, the Windsor Essex County Real Estate Board Members cannot disclose information regarding "Offers To Purchase" but they can disclose that there is an "Offer To Purchase" on a home. They are now mulling over whether they should disclose the particulars of the "offers" because home buyers are apparently over-paying for homes here in Windsor and Essex County due to the market frenzie. It is believed that if the home buyers know what the other offers are, they can adjust their offer accordingly and that will protect them.
Anyway, here are my thoughts. Every "Offer To Purchase" should include a mandatory FULL home inspection clause! Therefore, each and every home buyer knows exactly what they are putting an offer in on. Just like buying a car....you have to get a Safety Certificate and a Used Vehicle Information Package right! But the Ontario Government doesn't feel it is necessary to protect home buyers like it is necessary to protect the car buyers. Instead, home buyers are pressured into putting in an offer without any conditions due to the home-buying market here in Windsor and Essex County. Honestly, I don't think that disclosing the conditions of other offers is going to do much in terms of protecting home buyers.
What will protect home buyers is mandatory home inspections. Just like cars must have Safety Inspections and Used Car Information Packages, homes should have mandatory full home inspections performed by an Ontario Government-Recognized Home Inspector! Seriously, it is just plain laughable that simply disclosing information on other "Offers To Purchase" will protect home buyers! This will result in an auction-type situation and apparently some organization thinks that this protects home buyers lol. Whoever 'wins' or out-bids others with their "Offer To Purchase" still doesn't know the condition of what they are buying! People in power......please protect ALL home buyers by insisting on mandatory home inspections. Therefore no home buyer is pressured into buying a home without having the RIGHT to have a FULL home inspection performed on their largest investment!
Disclosing the particulars of other offers provides insight into how much another home buyer is offering on a home but does not protect anyone. What WILL protect home buyers is the RIGHT to take the time to have a FULL home inspection performed so that they can make an informed decision on their largest investment.
Why did the Government regulate the car sales industry with Safety Certificates and Used Vehicle Information Packages? To protect car buyers! Now the Real Estate Board wants to 'protect' home buyers by disclosing information in other "Offers to Purchase"....That won't PROTECT home buyers!! It will give them more information but it won't PROTECT them. What will help protect them is mandatory home inspections.
The government stepped in and mandated Safety Inspections and Used Vehicle Information Packages on every vehicle purchased/sold. The RIGHT for each home buyer to have their own home inspection performed on the home they are considering on buying will give each and every home buyer the protection and leverage they need to go forth confidently with their Offer To Purchase.
The government mandates vehicle inspections but not home inspections! This is mind-boggling and does not protect the home buyer in any way. Yes changes need to be made to the Real Estate Industry but whoever suggested that disclosing the particulars of competing offers will adequately protect home buyers is seriously delusional.
Let's go back to the car industry. If you were to buy a car before the safety certificate and used vehicle package came into play, you would look at a car and if you were lucky, you could take it for a spin around the block and decide if you want to buy it without knowing anything about it's history or condition. That's the chance you took back in the day.
The government and Real Estate Board obviously think that is the chance you should take when buying a house....your largest investment. Yes, because they are not insisting on protecting each and every home buyer with the RIGHT to have a full home inspection on the largest investment that they are likely going to make.
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I've come across a lot of interesting tidbits of information during my 29 year career as a home inspector. I've been told that I'm pretty meticulous and a good 'teacher', so hopefully you'll find some interesting information here..