From a personal point of view, it does seem that recently I have had to sell a property a couple of times due to buyer cancellations. Fortunately, part is there are always 1-2 backup buyers ready to purchase should the first buyer back out or not cancel.
In my opinion, this phenomenon of buyers canceling their purchase contracts has to do with the uncertainty in today’s world. Prices of food, gasoline, and utilities which are “must have” items have gone through the roof, and with the higher interest rates, buyers are second guessing whether they should wait to buy and back out of their home purchases. This is very understandable.
Another issue that home buyers are dealing with is the fact that interest rates are rising on a monthly basis. If they are in the middle of a transaction and the rate goes up as they have recently, guess what that buyer may no longer qualify for their loan IF their lender didn’t lock them in.
If you or anyone you know wishes to buy, sell or refinance, call me.
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