There are signs that the housing market is getting back on track, but the gains are fragile and could become derailed by a number of issues. One reared its head in February, according to a Realtors Confidence survey conducted by the National Association of Realtors, which showed that nearly one-third of polled agents experienced a contract cancellation during the month. That’s up drastically from a year ago that had only 9 percent reporting cancellations.
What’s the deal? The escrows aren’t falling apart, according to the NAR, but more than triple the number of agents reported deal-busting problems compared with a year ago. This means that when you’re dealing with buyers and sellers, it’s important that you – and they – stay on top of issues that can arise, in addition to telling them upfront about the rules and requirements so they can monitor all facets of the transaction and feel more involved. Most of all, tell them to be patient because if the spike in cancellation numbers doesn’t ebb, it could happen to you and your client along the way.
“Today’s real estate market is so much more challenging and different than it was even just a few years ago. Terms and conditions have changed, as has the way we write offers. It’s important that buyers, sellers and Realtors work closely with each other to navigate the process.” -Lisa Hayes, a HouseHunt agent in Fernley, Nev. |
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