In August, 15.7% of purchase contracts were canceled, up from 14.3% last year, as per Redfin. 👀 There are three key reasons for this:

1. Sticker Shock: Buyers are wary of high monthly payments due to rising interest rates and higher prices. 💰

2. Lower Demand: Buyer demand is back to pre-pandemic levels, giving buyers more choices. ⬇️

3. Increased Inventory: 2023 has the highest number of available homes, providing buyers with more options. 📈

For sellers, pricing a property correctly is crucial. For buyers, don't give up on the market, especially in the fall when more homes become available. Seize opportunities as inventory grows, which is advantageous for buyers. 🏡

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