by BLACK ENTERPRISE Editors
Redfin Real Estate looked at where buyers are disappearing the most — and what both sides can do to keep their deal alive.
Top 10 cities where buyers are ghosting sellers the most
Redfin Real Estate
Now, when paired with growing climate risks, HOA fees, and insurance premiums, more consumers are choosing to hold off altogether. Sun Belt states are also building more homes than anywhere else, prompting buyers to back out because they’re confident they will be able to find something else. Economic uncertainty is also playing a role.
Top 10 cities where buyers are ghosting sellers the least
Redfin Real Estate
More expensive metros like San Francisco and Seattle have the lowest shares of ghosting buyers.The remaining metros on this list are more affordable but among the few remaining seller’s and balanced markets in the U.S. With limited inventory, buyers are more willing to move forward once they’ve made an offer because they don’t have many other choices.
Why are more deals falling through?
It’s a buyer’s market in most of the U.S., so those who are still in the market know they have leverage. It’s common for them to be choosier and ask for repairs, price reductions, and other concessions. When sellers push back, or when inspections reveal new issues, many buyers are walking away. Buyers are also eyeing homes at lower price points, which are more likely to have inspection issues that can derail a deal.
What sellers and homebuyers can do to keep deals together
Sellers
In most cases, home sellers are the ones fighting for a buyer; they should prepare to be flexible and willing to negotiate.
Get a pre-inspection. Identify and fix major issues before listing to avoid surprises later.
Be realistic and flexible. Today’s buyers expect concessions like price credits and repairs. Refusing to negotiate can sink a deal.
Handle common issues early. Roof, plumbing, and drainage problems are frequent deal-breakers. Address them upfront.
Price smart. Price too high and your home will likely sit unsold until you come down.
Buyers
Homebuyers are in the driver’s seat across the U.S., so they can often lead negotiations and ask for concessions. However, there are ways to guard against deals falling through and speed up the closing process.
Get pre-approved. Strong financing signals to sellers that you’re serious and reduces the risk of fallout. Getting pre-approved is one of the best ways to do this.
Know what to expect. Most inspections uncover something. Don’t panic over minor fixes.
Do your homework. Review disclosures, insurance costs, and HOA fees before making an offer.
Use contingencies wisely. Back out only if major issues arise or repairs are unreasonable.
Methodology
This story was produced by Redfin Real Estate and reviewed and distributed by Stacker.
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Source: Black Enterprise
