Chicago Agent Magazine: Why Home Sales are Failing to Close

Home sales are failing at a higher rate than they have in the past.

The number of deals that failed to close in the home selling market last year is up from 2015. According to a new report from Trulia that’s mentioned in Chicago Agent Magazine, the number of pending sales that returned to the market in 2016 reached 8 percent in the Chicagoland area alone. That’s up from 5.4 percent the year before.

There are a few different reasons why home sales are failing at higher rates. One is that first-time homebuyers were more active in 2016, and they’re more unfamiliar with the home buying process. Another explanation is that older homes are no longer selling like they used to. Homes that were built in 2016 had a much better chance of going through a closing than ones built 50 years ago.

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