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Home Sales Are Getting Canceled at the Highest Rate Since the Start of the Pandemic

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Some homebuyers are backing out of deals as a slowing housing market gives them more room to negotiate. Nationwide, roughly 60,000 home-purchase agreements fell through in June, equal to 14.9% of homes that went under contract that month, according to the latest analysis from Redfin (www.redfin.com), the technology-powered real estate brokerage. That’s the highest percentage since March and April 2020, when the housing market all but ground to a halt due to the onset of the coronavirus pandemic. It compares with 12.7% a month earlier and 11.2% a year earlier. “The slowdown in housing-market competition is giving homebuyers room to negotiate, which is one reason more of them are backing out of deals,” said Redfin Deputy Chief Economist Taylor Marr. “Buyers are increasingly keeping rather than waiving inspection and appraisal contingencies. That gives them the flexibility to call the deal off if issues arise during the homebuying process.” Marr continued: “Rising mortgage rates are also forcing some buyers to cancel home purchases. If rates were at 5% when you made an offer but reached 5.8% by the time the deal was set to close, you may no longer be able to afford that home or you may no longer qualify for a loan.” The housing market has cooled in recent weeks as the Federal Reserve has boosted interest rates in an effort to quell inflation. That has given house hunters more freedom to seek concessions from sellers, but higher rates also make housing less affordable. Buyers did get a reprieve this past week, when the average 30-year fixed mortgage rate fell to 5.3% in the largest one-week drop since 2008. “When mortgage rates shot up to almost 6% in June, we saw a number of buyers back out of deals,” said Lindsay Garcia, a Redfin real estate agent in Miami. “Some had to bow out because they could no longer get a loan due to the jump in rates. Buyers are also more skittish than usual due to economic uncertainty.” Redfin’s analysis is based on multiple listing service data going back through 2017. Please note that homes that fell out of contract during a given month didn’t necessarily go under contract the same month. For example, a home that fell out of contract in June could have gone under contract in May. This report, along with additional housing market data, is available at: https://www.redfin.com/news/home-purchases-fall-through-2022.

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WORD OF THE DAY: Cantankerous

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[kan-tang-kə-rəs] Part of speech: Adjective Origin: Unknown; 18th century Definitions: Contentious; Uncooperative Examples of Cantankerous in a sentence “Our cantankerous mule has never been very cooperative, but he’s only gotten worse with age.” “My grandfather was known to be cantankerous, though he did have a kind side as well.” About Cantankerous While mules are stereotypically believed to be stubborn and cantankerous, they’re actually quite intelligent and generally cooperative. However, their intelligence gives them a long memory — so if they have a bad experience doing something, they’re unlikely to do it a second time. Did you Know? While the origins of cantankerous can’t be definitively pinpointed, one theory suggests that it started as a blend of the words contentious and rancorous.

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WORD OF THE DAY: Pollicitation

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[pə-lis-ə-TAY-shən] Part of speech: Noun Origin: Late Middle English, unknown Definitions: 1. The action of promising; a promise; a document conveying a promise; 2. Also Civil Law: a promise not yet formally accepted, and therefore in certain cases revocable. Examples of Pollicitation in a sentence “They formalized the agreement by signing a pollicitation.” “Their contract was hinged on a pollicitation.” About Pollicitation Pollicitation is a more formal word for a promise — specifically, the action of promising or a document describing a promise. Did you Know? Have you ever wondered where the pinky promise, a childhood form of pollicitation, came from? Perhaps the first pinky promises were made by Japanese schoolchildren and called “yubikiri,” or “finger cut-off.” The unbreakable oath has been adopted by children worldwide.

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Zillow Names the Best U.S. Metros for Singles to Move to for Love in 2022

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Wichita, Kansas, is the No. 1 city in the country for singles These places offer the best mix of available and affordable rental housing and are home to a high share of singles. Filling out the top five are Austin, Texas; Milwaukee, Wisconsin; Denver, Colorado; and San Antonio, Texas. Four Texas cities — Austin, San Antonio, Houston and Dallas — are among the best cities for singles. With a growing share of American adults living single, a new Zillow analysis has ranked the top U.S. destinations best suited for relocating to meet other singles, with Wichita, Kansas, coming out on top. Zillow ranked the 100 largest U.S. metros based on factors that included the share of singles, available rental units and rent affordability for singles. The list features a geographically diverse group of metros, with median rents ranging from $966 to $2,788 per month. Wichita, Kansas, ranked No. 1 in the U.S. for singles looking to relocate to find love. Despite not having one of the largest singles populations, Kansas’ main metropolitan area rose to the top of the ranking largely because of its incredible affordability. Out of all metros analyzed, it has the highest share of rental units affordable to singles, leaving single residents with more disposable income to spend on dating and social activities, which could increase the likelihood of finding a match. Filling out the top five are Austin, Texas; Milwaukee, Wisconsin; Denver, Colorado; and San Antonio, Texas. “Remote work has opened up housing possibilities all over the country,” said Amanda Pendleton, Zillow home trends expert. “If untethered from an office, singles can move to places that offer more affordability and a vibrant singles scene. Metro areas like Wichita, where your housing dollar stretches further, are particularly appealing at a time when, nationally, rents are nearly 16% higher than last year.”  Top 10 best metros for singles to move to for love, according to Zillow Wichita, KS Austin, TX Milwaukee, WI Denver, CO San Antonio, TX Houston, TX Dallas, TX Seattle, WA Washington, DC Boston, MA A recent Zillow survey found that a majority (51%) of renters report being single and never married, and have lower household incomes compared to the overall population. With rent prices steadily rising, those fortunate enough to be able to move are seeking more space and relative affordability. Zillow analyzed four main variables: Inventory per single: Reflects how many rental listings there are in an area per single person. Places with higher shares of inventory per single scored higher in this category. Share of singles in an area: Places with a higher share of singles (based on 2020 U.S. Census Bureau data) earned a higher index score in this category. Typical rent price: Based on ZORI for May 2022, metros with lower rent prices earned a higher index score in this category. Share of affordable rental listings: Reflects the share of the market affordable to single individuals based on single incomes (based on 2020 U.S. Census Bureau data)

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WORD OF THE DAY: Piedmont

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[PEED-mahnt] Part of speech: noun Origin: Italian, mid-19th century Definition: A gentle slope leading from the base of mountains to a region of flat land. Examples of Piedmont in a sentence “The area’s piedmont had surprisingly fertile land.” “The piedmont rarely experienced severe flooding.” About Piedmont This word comes from the Italian “piemonte,” meaning “mountain foot.” Did you Know? When people hear “piedmont,” they tend to think of one of two specific locations: either northwestern Italy at the foot of the Alps, or the hilly highland between the Appalachian Mountains and the Atlantic Coast.

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New Coldwell Banker Data Shows High Rate of Out-of-State Searches

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Fresh Coldwell Banker data from the Move Meter℠ reveals where Americans are dreaming of moving This summer, as Americans enjoy their favorite activities to cool down, dreams of moving are heating up. Fresh data from the Move MeterSM on the refreshed coldwellbanker.com shows trends and insights into where Americans are dreaming of moving, giving sellers an informative, clear picture about the potential of listing their homes. In fact, 82% of all Move Meter℠ searches to date were looking to move out of state. The Move Meter℠ compares cost of living city by city. It was created by Coldwell Banker Real Estate as part of a suite of industry exclusive tools to allow consumers to dream of home and guide them to their new destination. In addition to the Move Meter, Coldwell Banker has created the ultimate destination for home sellers at coldwellbanker.com, with industry exclusive tools like the CB Estimate℠, which provides a home value estimate, and a remarkable new Seller’s Assurance Program. Americans are on the Move (Meter) Going the distance: The average Move Meter℠ search covered 1,015 average miles (about the distance of New York to Miami). Eighty-two percent (82%) of all Move Meter℠ searches were looking to move out of state. On the flip side, Massachusetts had the greatest proportion of searchers considering staying in-state, with 40% of all searches from Massachusetts looking to stay loyal to the Commonwealth. Only about 13% of all searches were looking within a driving distance of 100-miles from their origin destination with the highest proportion of moves being somewhere between 500 to 1,500 miles away (42%). Chasing Sunshine: While Midwesterners and Northeasterners are looking for warmer temps in the Southeast (38% vs 46%), Southeasterners, Southwesterners and Westerners all had higher likelihoods of staying local to their respective regions. Americans are dreaming of moving – but where to? Southern Charm: Austin, Texas, topped the chart as the most searched destination to move to, and had 46% more searches than the next closest destination. The top locale dreaming about moving to Austin is San Diego, California. So how does the move stack up? According to the Move Meter℠, the move from San Diego to Austin could be a smart move if you value job market strength. California Dreamin’: 20% of searches from California were looking to stay in the Golden State. The top in-state searches looking to move somewhere else within California were from San Diego, San Francisco and Bakersfield. And for those looking outside of California, where were they dreaming about? Californians are looking to Texas, Florida, Tennessee and Washington overall, with Austin, Dallas, Seattle and Nashville having the greatest move appeal outside of California. Burnin’ Up for Florida: The #1 state topping the Move Meter℠ interest index was Florida with one out of seven of all Move Meter℠ searches looking to move to the Sunshine State. The top states looking to soak up the Florida sun included New Jersey, California, New York, Illinois, Ohio and Massachusetts. Where in Florida are these searchers looking? Sarasota, Miami, Naples, and Tampa were the most popular searched cities. Floridians don’t disagree – they, too, see the appeal, as they were one of the top states searching for destinations within the state as well, with a quarter of Floridian searches looking to stay in-state. The other top states Floridians are searching was North Carolina and Tennessee. Destination Dreams: The top 10 searched cities included Austin; Sarasota, Florida; San Diego; Denver; Nashville, Tennessee; Tampa, Florida; New York; Naples, Florida; Charlotte, North Carolina; and Seattle. “Through the new tools on coldwellbanker.com, we’re seeing a strong interest and desire in Americans and homeowners to take a leap of faith and relocate to live in their dream destinations this summer. The Coldwell Banker Move Meter℠ provides sellers with the support and tools they need to make those dreams become a reality.” – David Marine, CMO of Coldwell Banker Real Estate LLC With a network of over 100,000 agents across the globe, Coldwell Banker has affiliated agents in nearly every market in the United States. So, no matter where searchers are looking, a Coldwell Banker affiliated agent can help make the dream come true. Home sellers and buyers can visit coldwellbanker.com to find an agent and prepare for their next move to their dream home using the coldwellbanker.com/movemeter.

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