Article Marketing » Salute-e-benessere » Medicina » Tampa Real Estate: An Increase in Contracts Falling Apart Before Closing

Tampa Real Estate: An Increase in Contracts Falling Apart Before Closing

Preleva il codice html | PDF | Stampa
scritto da: slc - Visite: 0 - Numero di parole: 298 - Data: 26 Jan 2012 - Ora: 11:17 PM 0 commenti

According to a report from June produced by the National Association of Realtors, one out of every six real estate contracts fell apart before closing. This is an upward trend from the month prior, which was one in twenty-five. The past 16 months on average have shown a cancellation rate of 8-10%.

So why the increase you ask? A possible reason could be low appraisals fueled by tighter mortgage underwriting regulations. Some suggest that the increased inventory (as of last month Tampa has 5.8 months of inventory on average) has created fussy buyers in search of the perfect home. Small issues that buyers may have dealt with prior could be causing them to walk away instead of executing the contract. Another possibility is that the often time consuming process of short sales are causing frustrated buyers to abandon the process and start anew. I find both scenarios plausible, but would imagine the bulk of cancellations are brought about by the arduous short sale process.

For sellers it’s more important than ever to have an agent who understands the Tampa real estate market, and can negotiate on your behalf throughout the process. If you are interested in buying or selling a home in the Tampa Bay area, I would love the opportunity to work with you. Please call me 813-924-4468 or use the contact form on the left side of the page.