Getting from the home contract to the sold sign
Key takeaways:
- In over half of failed housing contracts, the buyers backed out of the contract, while in 41% the seller backed out.
- Mortgage applications being declined (42%) and interest rates being “too high” (31%) are big reasons why 2022 housing contacts are currently being canceled.
- Roughly 57% of Gen Z homebuyers report their home purchase contracts being canceled, the MOST out of any other generation in the housing market.
We surveyed Americans who had tried to buy or sell a home in the last year and this is what we found out:
Voiding a Home Buying Contract
Once committed to a home buying contract, there are a number of ways to get out of them. Below are the reasons that home contracts have fallen through this year.
Methodology
Cinch surveyed 1,003 Americans who had tried to buy and/or sell a home within the last year. 61% of the respondents were millennials, 21% were Gen X, 11% were Gen Z and 7% were baby boomers.
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