Second Chance For Homebuyers Who Missed Out
Second Chance For Homebuyers who missed out?
Some Homebuyers Get a Second Chance As more contracts fail to close, some frustrated buyers who didn’t win the bid are receiving a call a week or more later: Do they still want the home? Their second chance to get their first choice for a home comes as U.S. homebuyers are backing out of purchases at the highest rate since the start of the COVID-19 pandemic. About 60,000 home-purchase agreements fell through in June, Redfin said, totaling about 14.9% of homes under contract that month. In a NAR study released this year, the cities of Deltona, Florida; Des Moines, Iowa; and the Augusta, Georgia-Richmond County, South Carolina, metro area are the top 3 U.S. locations where the most available and affordable homes are for sale. Will home prices drop? Buyers shouldn’t wait too long expecting another big housing crash similar to 2008 that led up to the Great Recession, Jasek said.