So it goes in the new world of real estate, where things change on a dime every day. For an industry that's supposed to be relatively illiquid, people seem to be making impulsive decisions that don't make a whole lot of sense.
What could have flipped these buyers overnight? Let us count the possibilities:
- Job loss. For most folks, buying a house means not only having a job today, but expecting you'll have one going forward. If you feel as though your job is in jeopardy, making a 30-year commitment doesn't connect.
- Buyer's remorse. If you feel like you've paid too much for a home, or if you make an offer on the very first house you look at, you may experience a phenomenon known as buyer's remorse. That's where your gut tells you there was a better deal to be had on a better house somewhere else. Buyer's remorse can really gnaw at you if you let it. (Seller's remorse seems to hinge on how quickly you got your offer - some sellers feel that if you sell the home immediately, you priced it too low and left cash on the table.)
- A house they liked better became available. If you have your heart set on a particular house, and then lose it in a bidding war (I know, unimaginable these days) or because the sellers take it off the market, you'll be tempted to cancel a deal if the house suddenly becomes available again.
- It was personal. Sometimes people get sick, or they die, or they inherit enough cash to afford a much nicer house (with staff).
But I'm keeping my fingers crossed.