People are backing out of House contracts!! Watch out
Interesting stats here from Redfin.
I think Redfin and Zillow do a great job at statistics and with their websites, but I wouldn't recommend using their agents.
In June, 60,000 home purchase deals fell through, which is almost 15% of all homes that were under contract.
WOW WOW WOW
It appears that the market may have switched slightly from Seller to Buyers, but keep in mind there is still historically low inventory and interest rates are still low as well.
If inflation is 9.1% and the home interest rate is 5.6%, then you are paying back your loan with inflated dollars and you are still up 3.5%.
There will be opportunities out there for savvy buyers as there are fewer people house hunting.
Key Insights
Good houses always sell.
Bad houses (ones that are in less desirable locations or need work) sell well in an UP market and don't sell well in a DOWN market.
If you have a bad house, it might be time to let it go.
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