
Home purchase contracts in the US were canceled for a record rate for July, because the sausages of the jitters got cold legs.
Last month, about 58 000 agreements, which corresponds to 15.3% of the houses that came under the contract, according to Redfin. It was the highest abolition rate for July in the data that returned to 2017, said brokerage.
It is not only that the housing market is expensive, with increasing mortgage rates and house prices, which have risen by 50%since the beginning of 2020. Buyers are now also more than usual than usual because of the uncertainty compared to the economy. In addition, with other lists from which you can choose in many parts of the country, there is less urgency.
The abolition was particularly high last month in building areas where the supplies accumulated. San Antonio, Texas, where nearly 23% of shopping fell, followed by Florida Fort Lauderdale and Jacksonville and Atlanta.
The buyer “holds the bargaining power in many markets and is often not in a hurry,” Redfin said in the report. “During the inspection period they can refrain from a better home or discover a problem that they do not want to fix.”
On the Virginia Beach in Virginia, an area known for its military bases, the abolition rate jumped to 16.1% of 12.5% earlier a year earlier, the largest annual increase between the metro areas in brokerage.
Jeremy Caleb Johnson, associated broker with Long & Foster on Virginia Beach, said that many people who have taken houses during a post-pandemic purchase of madness are now trying to sell the real estate they need work.
Many of these buyers gave up the inspections just to get the bids, he said. Now they throw colors on the coat and focus more on flower beds rather than carry out expensive repairs. Shoppers in hunting are no longer willing to look the opposite, he said.
“Buyers have economic nausea – they feel about the market,” Johnson said. “They want to buy a house, but sometimes it’s too stunning when they start to concentrate on all moving parts and all related costs. Sometimes it is easier for them to cancel and get some fresh air and breathe.”
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(Tagstotranslate) Domestic Purchase Domestic Purchase Market (T) Mortgage Resolution (T)