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Homebuyers are backing out of deals at the fastest pace in nearly a decade (www.cnbc.com)

submitted 4 months ago by cm0002@suppo.fi to c/usa@midwest.social

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[–] Peruvian_Skies@sh.itjust.works 3 points 4 months ago (1 children)

Wait, so when a senile pedophile tanks the economy, people don't make expensive lifelong purchases that tank their liquidity and put them in debt? Oh, if only Americans had known this obscure and counterintuitive fact! I'm sure they'd have voted differently.

[–] dhork@lemmy.world 1 points 4 months ago (1 children)

But that's not the conclusion of the article:

“Home sellers outnumber buyers by a record margin, meaning the buyers who are in the market have options and may walk away if they believe they can find a better or more affordable home.”

This makes it sound like the buyers that are in the market are making multiple offers, or at least are not afraid of breaking an offer if something better immediately comes up.

But, I guess that tracks, too. In this shitty economy, a lot of people simply know they can never afford a home at these prices, so the ones that are left in the market have more resources.

And I'm not an economist, but if there really are that many more sellers than buyers, shouldn't that be leading to prices going down?

[–] Peruvian_Skies@sh.itjust.works 1 points 4 months ago

It should but people who can't sell homes unless they lower the price and don't want to do that can put them up for rent instead. And they also have less urgency to sell because they're rich enough to have a spare home. I'm no economist either but that probably makes residential real estate prices more resistant to lowering.