ATLANTA — A new report reveals 21% of Atlanta home sales were canceled in August, marking the highest cancellation rate in the nation.
Nationwide, the report from Redfin found that 56,000 home purchase agreements were canceled in August, about 15% of contracts.
Maja Sly, a real estate agent with over 20 years of experience, told Channel 2’s Michael Doudna that buyers and sellers right now are living in different realities.
“I’ve never seen it like this,” she said.
Daryl Fairweather, Redfin’s Chief Economist, noted that many deals fall apart during inspections, with buyers using this stage to renegotiate due to high prices and interest rates.
Redfin’s data indicates that the inspection process is a common breaking point for these deals, as buyers and sellers struggle to agree on terms.
Sellers are reportedly offering more concessions than in previous years, yet buyers remain hesitant, feeling pressured by the current market conditions.
“They both feel like they’re getting a raw deal, which is causing more of these deals to fall apart,” Fairweather said.
Sly suggested that better upfront disclosures and experienced agents could help mitigate these issues.
“Nobody likes to feel like they didn’t get a good deal,” she said. “You know, everyone wants to walk away and feel like they were treated fairly.”
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