The total number of Scottsdale North sales cancellations in the last year or so is quite low. But, as a percentage, sales cancellations are up notably. This is a fairly recent, but naggingly persistent, trend. Overall, we are still in a seller’s market, but buyers seem to be pushing back a bit.
One of the ways this resistance manifests itself is in the form of copious inspection requests. As I alluded in this month’s article on the April Sales surge, a large part of the buyers’ frustration is the limited amount of inventory we are experiencing. There are just not enough homes on the market for buyers to choose from.
“Where is that home I saw on HGTV?!”
Because of this shortage of homes on the market, the mindset seems to be, “I can’t find the home I really want, so I’ll settle for this one. But it had better be perfect!”
When sellers oppose what they feel are either petty requests or renegotiations during the inspection phase, we get higher cancellation rates…and that isn’t good for anyone.
We see the effects of this frustration as the sellers’ agents. Two of our sellers recently had buyers that canceled their purchase on a seller’s home during the inspection phase, only to come back again weeks later to make another offer on the home! I imagine that those buyers tried very hard not to come back to us and accept our seller’s terms. And if there had been anything else available, I am confident they would have purchased it.
Improve the Home Inspection Process
There are things you and your agent can do to reduce the chances of this scenario happening to you when you sell.
• Get a Pre-Listing Inspection.
The first and easiest solution is to get a home…