By Kimberly Dawn Neumann
Featured Expertise by Jason Gelios - Realtor
For the past few years, anyone who wanted to sell their home was pretty much guaranteed a buyer, but that’s no longer the case.
During the height of the COVID-19 pandemic, a seller’s market reigned, where buyers would do just about anything to get a house, from offering way over the asking price to waiving contingencies. But the real estate landscape has changed a lot since then.
In fact, one recent survey by home warranty company Cinch Home Services of 1,000 Americans who tried to buy or sell a home in the past year found that 1 in 5 seller’s deals fell through.
The reasons these deals are failing run the gamut, but one common theme is economic uncertainty. According to the Cinch survey, 16% of deals fell through due to buyer’s job loss and in 23%, buyers pulled out because they were afraid of a recession.
“Consumers are feeling uneasy about the current state of housing and the economy,” says Ali Wolf, chief economist for Zonda. “Today’s market is different than it was just six months ago.”
Jason Gelios is a Husband and Father. After that, a Top Producing REALTOR®, Author of the books 'Think like a REALTOR®' and 'Beating The Force Of Average', Creator of The AskJasonGelios Real Estate Show and Expert Media Contributor to media outlets across the country.