back on market
It pays today to be a home buyer on a backup offer in Sacramento since we seem to be experiencing such a high cancellation rate on escrows; in some cases up to 50% of the pending sales are falling out. I say this not to be an alarmist but to point out what other real estate experts are too frightened to bring up because they are worried this kind of data would harm our fragile sales market. Every real estate professional, just about, knows this is happening in the Sacramento real estate market, if they’re doing any kind of business. They’re just not talking about it.
Just because you spot a home in the Sacramento MetroList MLS with a “back on market” status does not mean there was something wrong with the property; yet, that assumption is the first premise that some buyer’s agents and their buyers attach themselves to. The problem with many back-on-market listings is the buyers (or the buyer’s agents) did not understand what they were doing when they wrote the purchase offer. It’s like they embarked on a wild bender and woke up face down in puke. OMG, what did I do, they wonder, I bought a house.
I am finding that overall, many buyers are not very committed in our Sacramento real estate market. That’s a good reason to keep the home on the market after going into contract. Part of the reluctance to commit, I’m supposing, comes from the fact they feel pressured with multiple offers happening on such a large number of homes, and it’s frustrating that they have very few homes from which to choose. This is a scary market for first-time home buyers. We’ve never had a market like this in my lifetime before in Sacramento.