Homebuyer Cancellation Rates Jump

More cancellations of home purchase contracts took place this August than in nearly a year, according to a new report from Redfin. Some home buyers got cold feet as average mortgage rates rose above 7%. In addition, at one time this August average weekly rates surged to the highest levels seen since the year 2001.

In today’s video, I discuss this latest report, the reasons why purchase contracts are canceled and the effects on rising mortgage rates.

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Compilation of Housing Market Forecast videos:

Report I discussed:

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7.3% for the current mortgage rates (at the time of filming this video for those with excellent credit).

Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?

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Jason Walter, CPA (CPA lic 103885 - inactive)
Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)

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Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.

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#Redfin #Zillow #homeprices

[JasonWalter]

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Compilation of Housing Market Forecast videos:

[grownupgaming]

I wish this recession would hit already. The longer it gets delayed, the more precarious everything becomes.

[CNPrep]

I have a few neighborhoods like to follow and over the last 30days, I was noticing a lot more, "back on markets" and the price reductions have gone from a couple thousand to 10's of thousands. The air is definitely coming out of the bubble, in those areas.

[anthonybanks]

Should be an interesting Q4 as student loan repayments start in a couple weeks. This plus rising oil prices make it scary times for consumers.

My guess as the markers predict, fed will pause on Wednesday and see how the student loan impacts the economy prior to any additional rate hikes.

[JBoya]

How the home buying world has changed. 2 years ago contingencies on a contract was a waste since the seller likely had other offers without contingencies. In 2021 we passed on an offer that was $20K more than got because of 3 or 4 contingencies. We went with the highest of 4 all cash offers.

[reesecales]

Not in Utah it’s full throttle building new homes and apartments… existing homes are Absolutely terrible

[ownsilver]

Warms my heart to think people are getting smarter maybe realizing that with high interest and high house prices they are going to get in over their head in debt, thank God FOMO is dead

[carlwray]

Be careful builder currently suing for cancellation of a building contract for percentage of the home build that they never built.

[sneekydealz]

Great video Jason! Also, I would expect to see this right now with uncertainty in the market. I could type a paragraph but you summarized it well!

[Nymeria]

Well, if you can't afford it, you'll cancel the contact. However, even if the contract is signed, they can back out even without contingent?

[jimshoe]

That Poor Jason no one said GM or " Hit the Like Button " 😁😁
You need All your Ducks in a Row.. Perfect credit, 20% down and You Stay Right on Top of It !! None of " It will Be All OK Stuff " my last buyer I raise the price $5K fool..😁😁😁

[kristina]

You can get sued for cancelling contract

[common_wolf]

watch out clear value tax guy might come for your brosky.

[flava]

Jason I’m a veteran and when I look at it VA it always seems a bit lower. If you don’t have the highest credit score does your rate go above 6.75%?