Nicole Friedman at The Wall Street Journal writes that American home buyers are having to pounce faster than ever to clinch a deal. This is forcing many of them to make snap decisions about what house to purchase and how much to pay…(Wall Street Journal)
- GOING, GOING, GONE: “Home sales between July 2020 and June 2021 sat on the market for a median period of only one week before going under contract…That is down from three weeks a year earlier and marks a record low in data going back to 1989.”
- NO DUE DILIGENCE: Not only are buyers having to make big financial decisions fast they also are foregoing traditional safeguards. “Many buyers have waived their rights to terminate a contract because of a low appraisal or unfavorable inspection to make their offers more competitive in a bidding war.”