Homebuyers are ghosting sellers, with 15% of deals falling through in September

BOSTON — A troubling trend is emerging in the housing market: homebuyers are backing out of deals at an alarming rate.

According to data from Redfin, more than 53,000 home-purchase agreements were canceled in September alone, 15% of all homes under contract. That marks a nearly 14% increase compared to the same time last year.

Doug Melcher, head of Melcher Real Estate Group in Boston, says the market’s volatility is causing buyers to second-guess their decisions.

“Everyone wants to buy a house, but everyone’s worried about where pricing will go and where interest rates will go,” Melcher said.

Some of the highest cancellation rates are in major metro areas:

• Minneapolis: 11%
• Boston: 10%
• New York City: Just under 10%

So why are buyers backing out? Well, there are numerous reasons:

• High home prices and mortgage rates are making buyers expect perfection. If issues arise during inspections or negotiations, many walk away.
• Buyer’s remorse is setting in as financial uncertainty looms.
• Job security concerns are also prompting some to pull out of deals.

For real estate agents, the fallout is significant.

“It’s harrowing, it’s distressing,” Melcher said. “Having a month where there’s no business and you realize you’ve earned $0 is not good.”

Despite the turbulence, Melcher remains optimistic about Boston’s long-term appeal.

“Nobody is going to write off Boston as a place to live,” he said. “Whatever you can do to buy a home—do it.”

Melcher also noted that while pricing corrections may be coming, Boston’s housing market is likely to continue its upward trajectory.

This is a developing story. Check back for updates as more information becomes available.

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