Redfin highlights a surge in failed home sales driven by various factors: higher housing inventory providing buyers with more options, record low pending home sales, and economic uncertainties leading to buyer hesitance. High mortgage rates, peaking at 6.96% in January, alongside elevated home prices, have caused many potential buyers to reconsider their purchases. Notably, Atlanta leads in canceled deals at 19.8%, with states like Florida facing additional burdens. Despite cancellations, well-priced homes still attract buyers, suggesting a complex landscape in the current real estate market.
"I'm seeing more homebuyers back out of deals than usual, and I'm hearing the same from other agents and mortgage lenders in the area."
"Economic uncertainty: Concerns about tariffs, layoffs, and federal policy changes are making buyers... hesitate."
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