Owning a home has many advantages, such as being able to call your own shots and building equity over time. After all, it's a foundational part of the American Dream. But it can also be expensive, especially when it comes to maintenance and repairs. Meanwhile, would-be homeowners are being further spooked with high interest rates, high property taxes, expensive insurance and an uncertain employment market. As such, many buyers are priced out of the market altogether or choosing to sit on the sidelines in the hope that prices will ratchet down. In today's market dynamics, renting often makes more sense than buying. Recent statistics show that almost 15% of pending home sales fell through in the month of June alone. A good number of buyers are choosing to back out of deals as they sense a … [Read more...] about Ways to Avoid Deal Cancellations
out of escrow
How to Avoid Buyer Back-Outs in a Cooling Housing Market
Gone are the days of contracts being written without inspection contingencies. As the housing market continues to cool, more and more homes that were once in contract are now “back on market.” The main driver of this latest trend is the impact higher mortgage rates are having on affordability. Higher rates can add hundreds of extra dollars to a monthly loan payment. In addition to higher mortgage rates, many buyers are questioning the timing of their purchase and some are looking for any excuse to get out of the deal. Following are tips on how to avoid buyer back-outs in a cooling housing market. These practices will help eliminate surprises and keep your deal moving forward to closing. … [Read more...] about How to Avoid Buyer Back-Outs in a Cooling Housing Market