A wave of buyer’s remorse is taking shape in several heated real estate markets, after housing prices started dropping and the number of sales slowed over the last two months.
Such numbers have prompted some sellers to explore lawsuits to ensure transactions move forward and other purchasers to worry about the value of pre-sale properties they bought years ago but have yet to take possession of. Morris doesn’t call the encounters a trend because it’s unclear how many other lawyers are seeing the same spate, but three queries in a day is his new record. He used to see one case of that nature every few months.
Most buyers trying to end a deal this year won’t be successful because there is no legal way out, but such cases are also impractical for sellers, Morris said. If a deal ends, brokers can sue for their lost commission but not many explore this avenue because it’s “not a good look” to take legal action against a client, who might still turn to you when they try to sell the home from the failed transaction again, said Morris.
The people who purchased in early rounds of pre-construction sales for a building are already ahead of the curve, but those who bought later will have to wait longer to break even or make a profit, she said.
There is too much misallocation of Capital, time to put it to better use then just flipping each other houses because banks are willing to give bigger mortgages
Maybe this will be a win, they’ll decide to get a roommate, and someone will have somewhere new to live.
Good. Need a massive crash to reconnect home prices with local incomes.
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Worry, buyer's remorse high as real estate market slowdown materializesA wave of buyer's remorse is taking shape in several heated real estate markets, after housing prices started dropping and the number of sales slowed over the last two months. This was bound to happen...the real estate market is way out of control!! But history shows that while there are dips prices overall continue to rise. It’s all relative there is only remorse if you sell at the wrong time or forced to sell because you got in over your head with mortgages and expenses. Poor babies
Source: CTVNews - 🏆 1. / 99 Read more »
Worry, buyer's remorse high as real estate market slowdown materializesA wave of buyer's remorse is taking shape in several heated real estate markets, after housing prices started dropping and the number of sales slowed over the last two months. Explain it any way you want. Bottom line the realtors created the frenzy by their lousy sales tactics. They used the media to sell and it did. This is the aftermath. I have been waiting for it. Canada’s housing market is not the same across all provinces and even within a province there are major differences per cities
Source: CP24 - 🏆 30. / 67 Read more »
Worry, buyer's remorse high as real estate market slowdown materializesA wave of buyer's remorse is taking shape in several heated real estate markets, after housing prices started dropping and the number of sales slowed over the last two months. This was bound to happen...the real estate market is way out of control!! But history shows that while there are dips prices overall continue to rise. It’s all relative there is only remorse if you sell at the wrong time or forced to sell because you got in over your head with mortgages and expenses. Poor babies
Source: CTVNews - 🏆 1. / 99 Read more »
Worry, buyer's remorse high as real estate market slowdown materializesA wave of buyer's remorse is taking shape in several heated real estate markets, after housing prices started dropping and the number of sales slowed over the last two months. Explain it any way you want. Bottom line the realtors created the frenzy by their lousy sales tactics. They used the media to sell and it did. This is the aftermath. I have been waiting for it. Canada’s housing market is not the same across all provinces and even within a province there are major differences per cities
Source: CP24 - 🏆 30. / 67 Read more »
Greater Toronto Area real estate approaching ‘buyer’s market’: BMO | Globalnews.caCanadian real estate prices have sizzled for years as the COVID-19 pandemic turned the market white-hot. Now, home listing data suggests the scorching pace is cooling.
Source: GlobalNational - 🏆 81. / 51 Read more »