The market has seen a drop in buyers, but still enough for multiple offers to continue on solidly priced and effectively marketed properties. For the first time since the start of Covid, I took the drivers seat from a listing agent and was granted a wait on decision with a home holding a singular offer (only one!) after a weekend on the market for my clients to have the opportunity to see in the calmer fashion of yesteryear.
I shared question in the June edition about impending stats after the dramatic rise in interest rates in recent months with the second week in June seeing a hike of over a half a percentage in one week alone. I just caught a glimpse of a stat circling around June.
According to a new report from Redfin, homebuyers are canceling deals at the highest rate since the start of Covid to the tune of 60,000 cancelled nationwide in June, 2022 or about 14.9%. To share perspective, the initial shutdown months of March and April, 2020 saw the height of deal cancellations of approximately 17%. Not that far off in June.
So far, knock on wood, none of my deals have gone back on market since the start of Covid. I'm anal about counseling my clients through buyer selection which I believe has helped to keep deal breakdowns at bay. Sign of things to come? As I've shared before, this market is day by day.