Redfin says 53,000 home-purchase agreements, 16% of the number of homes that went under contract, were cancelled in September
It’s spooky season for home buyers. Mortgage rates hovering around 8% and a combination of other factors making housing more expensive are pushing skittish home buyers to bail on their home purchases at the highest level in nearly a year.
Now, some lenders are quoting 8% rates for 30-year mortgages, making it much costlier to buy a home with a mortgage. A typical home buyer who intends to purchase a median-priced home will have to allocate a little over $3,000 a month for their 8% mortgage, versus $2,600 if rates were at 6%. “They want to make sure they’re getting a good deal given how much mortgage payments have gone up, and when they don’t feel like they’re getting a good deal, they’re backing out,” she added.Where cancellations are the highest Among the top 50 most populous metro areas, those with the highest share of homes that went under contract and then saw buyers walk away include Atlanta, Jacksonville, Orlando, Tampa, and Fort Lauderdale.
“Transactions are also falling apart due to skyrocketing insurance premiums and disagreements between buyers and sellers over necessary repairs,” she said. “Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close the deal.”
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