On Slippery Slope-Pending Home Sales!!!

On Slippery Slope-Pending Home Sales!!!

So you’re perusing listings and finally you find it: Staring back at you from your laptop screen is the perfect house that’s in the right location, has the amenities you’re looking for, and still, somehow, fits in your budget. There’s just one problem: It’s sale pending. But what does sale pending mean exactly? Are you too late or do you still have a shot?

A pending sale means the seller has an offer but hasn’t closed yet. (This is different from a contingent sale.) A property is placed in pending status the minute a contract is executed. But there’s still a chance the home can be up for grabs again—say if the inspection doesn’t check out or the buyer can’t pull together the financing.

“There’s little doubt last month’s retreat in contract signings occurred because of woefully low supply levels and the sudden increase in mortgage rates,” said Lawrence Yun, Chief Economist at NAR.

Data from NAR showed that the number of available listings were at an all-time low in January and were 9.5 percent below the available levels during the same period last year.

Read More…Quick!!! http://www.dsnews.com/daily-dose/02-28-2018/pending-home-sales-downward-slide