Homebuyer Contract Cancellations Skyrocket!
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- Опубликовано: 29 ноя 2023
- Redfin's latest report shows a sudden spike in buyers canceling their home purchase contracts! Where is this happening and why? In today's video I show you the cities with the most cancellations and I'll uncover why this is happening in the first place!
#housingmarket #ellenpitts
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My name is Ellen Pitts and I am a Raleigh NC Realtor, and founder of Harmony Realty powered by the Compass real estate platform. My team would love to help you with your move in the Raleigh area or we would be glad to refer you to one of our partner agents throughout North Carolina! Schedule your free home buying or selling consultation with me and my team here: ellen.pitts@compass.com
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Ellen Pitts
cellenpitts@gmail.com
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Fascinating analysis Ellen. I concur with the findings. We moved a few months ago from the emerald city of Seattle to southern Wake County. Our primary reason for moving was to be near our kids and grandkids as well of finding a sunnier and more laid-back community for our retirement years. But you highlighted something most of us really don’t consider when we make a move. Seattle used to be a jewel. You never worried about crime, homelessness, open-air drug use ,and the general deterioration of an absolutely beautiful city. But we found ourselves never wanting to go downtown because of all the filth and riffraff that goes unabated. I honestly think that was a silent driving force into getting us out of Dodge. Perhaps this is part of the reason of the contract cancellations and many of the so-called liberal cities. Many of the progressive policies we were all in favor of years ago, have turned into a dystopian nightmare. Hence, I believe the reason many of us have left the West Coast and Northeast. Although sometimes it’s hard to just put your finger on it at the time. Thanks again.
Very eye-opening. 😳
Welcome to North Carolina! Glad to have you!
Are you saying you voted for progressive policies and now you’re shocked they the resulted in the decline of Seattle? Lmaooooo
Amen. From California
My kinda video. Great data!
Glad you enjoyed it!
Thank you this was very informative.
Glad you enjoyed it!
Super video! Thanks for all the data and charts
Glad you enjoyed it!!
Thank you for covering this topic in depth. As someone who has been in NC for 34 years, moved here totally by choice, meaning brought my job with me then and had looked all over the US and read a lot of rankings to decide, came from Madison, WI always tops on lists then, and still holds positions. I love the state, married a native, and consider myself naturalized, however I do have concerns about the vary rapid growth and the environmental impacts. I am not saying no to growth, however CA used to be different, so did many areas that are now facing big challenges. Fortunately we own our home outright and got it when it was very affordable. I hope you would advise people not to over extend to buy right now. Renting might be a wise choice.
Glad you enjoyed it Mary!! I would never advise people to overextend themselves. People should definitely know their financial limits and speak with a qualified advisor before making big financial decisions. I’m also not a financial advisor so I’m not licensed to give that kind of financial advice. :)
If you can afford to rent though.....🥺
Great analysis! Thank you for the breakdown.
So glad you enjoyed it!
This analysis was so interesting and thorough!!
Glad you enjoyed it!!
Makes sense.
Thank you Ellen for being so thorough and informative
I’m so glad you enjoyed it!
lol
Interesting analysis. I suspect contract cancellations in NC may, overall, be lower due to those new rules on "Due Diligence". It's not lost on me who championed those -- and substantially shifted the buyer/seller scales in favor of the seller, so much so that NC has become a caveat emptor state (sadly). During the peak of market madness in '22, I read of folks offering many tens of thousands of $$s to be "competitive" -- and at the same time waiving inspections etc. None of that was a kindness to the buyers and have left me averse to ever moving back to NC.
To be fair, the contract was very in favor of the buyer before they made that change. The real estate commissions job is to make it fair to both. I know it’s hard to imagine from a sellers perspective but it really can cost them a fortune to have a buyer terminate on them. They turn away other offers while under contract and then to have a buyer terminate last minute with no penalty is very tough. And then the seller can easily miss the seasonal window…prices are lower off season. I think the due diligence deposit just prevents cancellations for no reason, which seems fair to me. The good news is we’ve been negotiating some very low due diligence fees these days. It’s much easier to get into a contract than it was!
great Anaysis but you are not counting the blackrocks cancellations and wall street influence.
BlackRock doesn’t buy single family homes. Here is an article about how BlackRock is involved in the real estate market. www.blackrock.com/us/individual/insights/buying-houses-facts
If you have additional information please share it with me!
Interesting analysis, but as a long time Sacramento resident (#1 on the cancellation list) I think there is something else going on - at least here in Sacramento. I understand our greatest influx here to be from the San Francisco Bay Area. While politics and job diversity may have something do with cancellations, my hunch is that increasing rates priced too many out of the market. We are looking at NC primarily because of environment and cost. While life IS crazy here in California, what is more crazy is cost. I don’t know what homes cost in the Bay Area, but it’s not unusual for 1500 sf, 50 year old homes here in Sacramento to run in the $700-900k range. Interest rates have increased and prices really haven’t dropped (at least in our neighborhood). I think people just got priced out by interest rate increases.
That makes sense especially if you have a lot of new construction in your area. Let me know if you want to chat about your move to NC. I’m glad to help! If you’re at the point that you’re ready to schedule a call, you can access my calendar here: www.harmonyrealtytriangle.com/contact-harmony/
I dislike realtors. Lie lie lie. Steal steal steal and cheat to gain.
Can you explain what you mean by that? What specifically did I lie about in this video? And what am I trying to gain with this video?
DO NOT BUY A HOME NOW. WAIT THE PRICES WILL GO DOWN DONT BE FOOLED BY THE SMOOTH TALK
Your reasoning is so interesting. I never thought about it that way!!
@EllenPitts I have something more that that my friend
@godembassyministries7603 I’m always open to new ideas! Feel free to share them. Maybe it’ll make it onto the next video!