Real estate agent Kirsten Jordan breaks down struggles facing home buyers and shares her predictions for the housing market on 'Cavuto: Coast to Coast.'
A record 60,000 homebuyers pulled the plug on their deals in July, shattering previous records, according to a new report.
The carnage was most brutal in regions where builders have been going gangbusters in recent years, flooding the market with new homes. Tampa and Fort Lauderdale in Florida, and San Antonio in Texas, led the charge with the highest rate of busted deals, according toThis is the highest July cancellation rate since 2017, particularly in markets with rising inventories of new homes like Tampa, Fort Lauderdale and San Antonio.
Despite mortgage rates dipping, other factors are pushing potential homeowners to slam the brakes. The biggest concerns? Sky-high home prices and the looming uncertainty of the upcoming presidential election.“When rates finally dropped, buyers got excited, and we saw more activity,” said Nicole Stewart, a real estate agent with Redfin in Boise, Idaho. But now, she says, many are hitting pause because “a lot of people are also concerned about the political climate.
The worry over politics isn’t entirely new, but it’s putting a notable dent in the market this year. While presidential elections don’t usually hammer home prices directly, they do tend to cause a pre-election chill in sales.Currently, 26% of homes listed on Zillow saw price cuts due to increased inventory, the highest rate for July since 2018.In nine of the last 11 elections, home sales spiked in the year after the ballots were counted.
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