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What Percentage of Pending Sales Fall Through for Homes? Reasons & Strategies

build or buy a house

If you have ever considered buying or selling a home, you might be curious about how many sales fell through. According to a recent study from Redfin, this number is quite high at 15%. This article covers this detail and more about pending sales and why they are falling through.

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Sales Falling Through Are High

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Image By: nattanan23, Pixabay

If we look back at the average percentage of home sales falling through in 2016, we see that it was around 12%—not much different from previous years. But ever since the pandemic hit, more and more people are backing out of the home-buying process.

In fact, 2020 marked the height of fall-throughs, with 17.6% in March of that year. By June 2020, things had returned to normal and were even down to just above 10% by June 2021.

But by June 2022, fall-throughs had shot back up to nearly 15%. But why now, and what is causing this to happen?

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Why Are Pending Sales Falling Through?

While it can be hard to pinpoint a single cause for something like this, several factors tend to come into play.

  • One reason sales are falling through is sellers’ changing expectations after the housing crisis. As people lost money in a major downturn, they started to set lower price points in hopes of staying afloat.
  • The pandemic was another primary cause. That was the point at which much of the population realized that there were no guarantees—job loss was at an all-time high, and there simply wasn’t that much financial security to be had.
  • Fast-forward to the present day, and it is not looking much brighter. Economic instability, the threat of war, and the spread of a dangerous disease are all contributing factors that could continue to push fall-throughs higher in the coming years.

But despite this uncertainty, many people are still looking to buy homes as we move into 2023 and beyond. The real estate market is always full of ups and downs, but with careful research and planning, buyers can go into the process with confidence.

It doesn’t look like sales will be quickly coming back to normal anytime soon, but if you have a solid plan in place and are ready for anything that comes your way, there’s no reason why you can’t find success in this ever-changing market.

The Best Strategies to Buy a House

kid wearing mask inside his home during the pandemic
Image By: Gargonia, Shutterstock

If you’re one who is looking to buy a house in this unpredictable market, there are several strategies you may want to employ.

One of the most important things to remember is that it’s always best not to leave any stone unturned—do as much research upfront as possible so that you know exactly what you’re getting into and don’t miss out on anything along the way.

Other tips to keep in mind include getting preapproved for a mortgage, talking with an experienced real estate agent, and considering purchasing a home that has already been renovated or updated.

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In the end, buying a house is always going to be full of challenges. But by staying calm and focused on your goals, you can stay one step ahead of the curve and make the most out of this time in your life.


Featured Image Credit: TierraMallorca, Pixabay


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