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Home sale cancellations hit record high in January

Housing Wire

Home sale cancellations in the U.S. The figure, which represents over 41,000 failed home-purchase agreements, marks an increase from 13.4% Meanwhile, pending home sales hit a record low for January, excluding the early pandemic months. Many are opting to wait out market instability before committing to a purchase.

Sales 374
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Buyers backing out of purchase agreements at elevated rates: Redfin

Housing Wire

Record-high home prices and elevated mortgage rates are prompting buyers to back out of home purchase agreements at elevated levels. Redfin ’s newest housing market report shows that buyers backed out of 56,000 purchase agreements in June, which constitutes 14.9% of purchase agreements. In his market, 17.6%

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The 11 do’s and don’ts of buying a new build

Housing Wire

New build vs. older homes Purchasing a new build ensures that all mechanical, plumbing and electrical components are up to current codes. Each builder has its own purchase agreement. While the builders sales team represents the developer, a buyers agent works solely in the buyers best interest.

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A homebuyer’s personal story from the post-Sitzer, post-settlement world

Housing Wire

As a real estate reporter, it was not lost on me that the formal start of my house hunt would coincide almost perfectly with the real estate industry working through the nationwide implementation of the business practice changes outlined in the National Association of Realtors ‘ (NAR) commission lawsuit settlement agreement.

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NFT mania and the future of the home sale

Housing Wire

Worldwide sales of non-fungible tokens, better known – of course – as NFTs, catapulted from $94.9 For example, purchasing an NFT of a JPEG of a painting transfers the intellectual property rights of the painting. But Ethereum was the first with a blockchain that enabled NFT sales. That’s when a 70-year-old brick home in the St.

Sales 501
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Pending legislation would end home inspection waivers in Massachusetts

Housing Wire

A housing market marked by relatively high interest rates and tight inventory — and punctuated by the practice of home inspection waivers to sweeten offers — are taking a bite out of business for home inspectors, who play a key role in the sales process by ensuring that buyers are not being sold a lemon of a house. and Canada.

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Making offers of buyer broker compensation is a tricky puzzle to solve

Housing Wire

17 , when the business practice changes outlined in the National Association of Realtors’ commission lawsuit settlement agreement had to be implemented, most brokers and agents were concerned about how they would disclose a seller’s offer of buyer broker compensation. Heading into Aug.