WASHINGTON – Aug. 2, 2011 – One of every six real estate professionals reported in June having signed contracts canceled before closing – which is up from one in 25 the month prior, according to the National Association of Realtors® (NAR).
The average cancellation rate for the past 16 months has been between 8 percent and 10 percent.
Lawrence Yun, NAR’s chief economist, says possible culprits could be lowball appraisals and tightened mortgage-underwriting rules. Some real estate professionals also point to lawmakers’ indecision on the national debt ceiling the last few weeks. They also point to short sales-related cancellations due to buyer frustration because of the lengthy process or, in the end, banks not approving the short sales at all.
And some real estate professionals say that buyers simply have just gotten more picky.
Home inspections often turn up some problems in homes, but “lately buyers seem to be holding out for perfection,” says Jessika Mayer, manager of professional development at Coldwell Banker Plaza Real Estate in Wichita, Kan. She says that minor problems surface during an inspection, and buyers once allowed them to pass – but they’re now derailing deals as buyers demand replacements, repairs and price discounts.
It is imperative at this point in time in real estate to do your homework when choosing a Realtor to work with. Not just anybody will do in today's market. Your Realtor should know the market in and out and be able to navigate both buyers and sellers through today's tough market. If a Realtor is always busy, thats a good sign...you don't just want to go with whoever can show you right now, chances are they are inexperienced and don't know how to get you what you want and get the deal done. Take the time to find a professional who you will be able to rely on!
Source: “Home Buyer Contracts Falling Apart,” The Real Deal (July 29, 2011), Kenneth Harney
© Copyright 2011 INFORMATION, INC. Bethesda, MD (301) 215-4688
Kristi Ballard is a Melbourne, FL Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Melbourne, Melbourne Beach, Satellite Beach, Cocoa Beach, Indialantic, Indian Harbor Beach, Viera, Suntree, Cape Canaveral, Palm Bay, Titusville, Cocoa, Port St. John, Rockledge, Central Florida or any place in the country. Kristi has created a team of professionals throughout Brevard County, Central Florida and the country to ensure that you enjoy a smooth transition to your new area. Please visit: Avoid Foreclosure / Short Sale Help http://BrevardShortSaleExpert.com, or http://BrevardForeclosureRescue.com. Our Website http://www.CastlesByKris.com or http://www.CastlesByKrisTeam.com , If you’re a Buyer looking for Great Deals. Please give me a call if you have questions about the Brevard County, Florida and Central Florida real estate market. P.S. If you are listing your home as a short sale in Brevard, Orange, Seminole, Lake or Osceola County Florida and Brevard County, Melbourne, Cocoa Beach, Palm Bay, Titusville, Cape Canaveral, Satellite Beach, Indian Harbor Beach, Cocoa, Port St. John, Viera, Rockledge, Orlando, East Orlando, St. Cloud, Davenport, Clermont, Longwood, Windermere, Winter Garden, Kissimmee, Winter Park, Altamonte Springs, Maitland, Apopka, Lake Mary, Oviedo or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. The short sale process is complicated and we can help simplify it. Call us at 321-305-3636 or email at Kris@CastlesByKris.com to find out more about Brevard or Orange County Short Sales, Melbourne or Orlando Area Short Sales.
Comments(2)