Around 56,000 home purchase agreements were called off in August, with deals falling through more frequently due to buyers and sellers unwilling to compromise on their demands, real estate brokerage Redfin said in an Oct. 7 statement.
The cancellations accounted for 15.1 percent of homes that went under contract in August. The 56,000 canceled deals are up by 14.3 percent from a year ago, representing the highest August rate since 2017, the company said.
According to the brokerage, buyers are “skittish and selective” due to an environment of high home prices and rates, as well as economic uncertainty.
Buyers are “asking sellers for all sorts of repairs, price reductions and other concessions because a) it’s expensive to buy a home and b) it’s a buyer’s market, meaning buyers hold the negotiating power,” the company said….