Getting from the Home Contract to the Sold Sign
September 9, 2022
- In over half of failed housing contracts, the buyers backed out of the contract, while in 41% the seller backed out.
- Mortgage applications being declined (42%) and interest rates being “too high” (31%) are big reasons why 2022 housing contacts are currently being canceled.
- Roughly 57% of Gen Z homebuyers report their home purchase contracts being canceled, the MOST out of any other generation in the housing market.
We surveyed Americans who had tried to buy or sell a home in the last year and this is what we found out:
Voiding a Home Buying Contract
Once committed to a home buying contract, there are a number of ways to get out of them. Below are the reasons that home contracts have fallen through this year.
Cinch surveyed 1,003 Americans who had tried to buy and/or sell a home within the last year. 61% of the respondents were millennials, 21% were Gen X, 11% were Gen Z and 7% were baby boomers.
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