Buyers may cancel a purchase due to anxiety about the market, trepidation about financial obligations or a nagging feeling that a more perfect home might be out there, Luke Babich writes.
One frequent side effect of a more uncertain market is an increasing number of buyers getting cold feet. According to a report from Newsweek, nearly 16 percent of purchases fell through in July 2024, the most since 2017.
The reasons that buyers cancel a purchase at the last minute can range from anxiety about the market to trepidation about taking on financial obligations to a nagging feeling that a more perfect home might be out there. Some of these anxieties are rational, while others are less so.
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