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“Currently there are 83 homes with sales pending,…I would say it’s safe to assume less then 1/2 of these will make it to closing.”
Why do you think less that half will make it to closing? What happens? Does the financing fall through? Buyers just back out? What happens?
Thanks for your question David.
Hopefully more then half will close…but I make that assumption for several reasons;
1. Not qualified. Many people make offers before getting pre-approved with a bank. After it’s under contract, they speak with a lender and could discover limitations they were not aware of.
- We always recommend our clients speak to a lender first, get pre-approved and have their credit checked to avoid any unwanted surprises.
2. Inspections. This usually happens within 2 weeks of being under contract. By this time you love the house and know your costs. You get an inspection and find there might be more costs you didn’t originally expect…this is a 2nd point of negotiation between buyer and seller, also an opportunity for the deal to fall through or the buyer to back out.
3. Cold feet. In ANY market buyers get cold feet. There are a million reasons why. Buying a house is an important purchase and a big deal, it’s completely normal for people to nervous or just change their mind.
-Our job as Realtors is to work for our client’s best interest, even if that means NOT buying the first house the buyer gets their heart set on.
4. The loan doesn’t go through. The banks have rules and requirements that can change daily. This is why strong, constant communication with your lender is very important.
Thanks again,
Shaheen