George Real Estate Group Radio Broadcast

Real Estate Reality Check: Navigating Contract Cancellations in Today's Market

• George Real Estate Group

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Have you ever achieved something you once dreamed about, only to immediately discount it and set your sights higher? This pattern of "moving the goalposts" robs us of joy and gratitude for our progress – a phenomenon happening in both our personal lives and today's real estate market.

The latest data reveals a startling trend: 14.9% of pending home sales were canceled in June, the highest rate for any June since 2017. This translates to 57,000 collapsed deals in a single month, with Sun Belt regions seeing the most dramatic impacts. Behind these numbers lies a fundamental shift in market dynamics – buyers now have more options, leading them to be increasingly selective when issues arise during inspections or when more attractive properties appear. Combined with persistent mortgage rate concerns and economic uncertainty, today's buyers feel empowered to walk away.

For sellers navigating these challenges, proactive strategies can make all the difference. Pre-inspections identify potential issues upfront, realistic pricing generates crucial buyer interest, and flexibility on terms helps keep deals on track. Despite these national trends, our local Western North Carolina market shows remarkable resilience, with Henderson County actually seeing more homes sold in the past 12 months than in the previous year.

Beyond market analysis, we explore a powerful mindset shift from Dr. Benjamin Hardy and Dan Sullivan's book "The Gap and The Gain." Rather than constantly measuring forward against an ideal that recedes like the horizon, we can choose to measure backward against where we started. This simple change in perspective transforms how we experience our achievements, replacing frustration with gratitude and renewed motivation.

Whether you're buying, selling, or simply seeking greater satisfaction in life's journey, this concept offers a path to more joy and perspective. The gap leaves us perpetually discouraged; the gain reminds us how far we've actually come. Which will you choose?

Looking to navigate today's real estate landscape with confidence? Call us at 828-393-0134 or visit realestatebygregcom to connect with our experienced team serving Western North Carolina and upstate South Carolina.

Speaker 1:

Hello friends, thank you so much for being here. This is the George Real Estate Group podcast, which is a production of our live weekly radio shows hosted on multiple radio stations here in Hendersonville, north Carolina. The George Real Estate Group serves Western North Carolina and upstate South Carolina and it is a privilege to share positive news about our local real estate market and community. Thanks so much for subscribing and, of course, if you have any real estate questions or if we can help you in any way, be sure to reach out. Visit us at georgerrealestategroupradiocom for more information. Good morning and welcome to the George Real Estate Group live radio broadcast here in the queue every Monday morning, sharing the positive news about your local real estate market and community. And wow, time flies when you're having fun. Can you believe August? We're over halfway through August. Apple Festival is around the corner. Kids are back in school. I know you hear the collective cheer from all the parents where the kids are back in school. Just so much to be grateful for If you're tuning in for the first time ever.

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The George Real Estate Group is located in Flat Rock, right next to the Flat Rock Bakery Hubba Hubba Barbecue, campfire Grill, the Wrinkled Egg all our friends there on Rainbow Row, local independent businesses and restaurants. The George Real Estate Group is local and independent as well. We've had the privilege of helping over 1,500, close to 1,600. I should know that number. We might have already passed the 1,600 families served in the community and just grateful to show up every day. I joke many times. This is my 20th year with my broker's license, but the joke is we're an overnight success. That took 20 years of showing up every day. We keep showing up, we keep helping people, we keep learning, we keep growing. We are so passionate and enthusiastic about helping our clients and I've talked about this on the radio before. But again, when work feels like play, I mean we love working because we feel like we're just enjoying what we do. We love helping our clients, we love navigating through the nuances of buying and selling and if we can help you in any way, there's no pressure, there's no cost, there's no obligation. You can give us a call at 828-393-0134, 828-393-0134. Find us online at realestatebygregcom. We'd love to connect with you. We podcast all of our radio shows. You can follow us on your favorite podcast platform. We love just connecting. Also, connect with us on social media. We post about our listings and our open houses. You can find that on Facebook or Instagram. Follow the George Real Estate Group today.

Speaker 1:

Today we're going to cover a number of topics. Just for a quick snapshot on the market 48 new listings in the last seven days in Henderson County 83 price adjustments drops. There was 34 homes go under contract Sorry, 33 homes go under contract. There was 30 homes closed. Interestingly, there was five homes that were put back on the market. That could have been maybe a contract termination which is a small percentage, but it does happen and then withdrawn. There was seven in the last seven days Temporarily off the market. There were six.

Speaker 1:

Again, there's a lot of news about the market and there's a lot of contracts falling through. This is across a national level. They are reporting some 15% of home purchase contracts fell through in June and actually that's the highest cancellation for any June tracking since 2017. And so the question is what's going on? Contracts in North Carolina specifically, buyers can walk away for any reason or no reason. We have what's called a due diligence period. In North Carolina, homes are sold, as is Buyers, during the due diligence period, which it's not a predetermined timeframe. It's a timeframe that's negotiated between the buyer and seller. Where the buyer, at their expense, can investigate the house. They can determine what works for them or not.

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But according to Redfin, 14.9% of pending home sales were canceled in June, up from 13.9% a year earlier, making it a record for the month. So in the month of June and this is nationwide 57,000 home deals collapsed in just one month. They said the trend is especially pronounced in the Sun Belt, like Jacksonville, or. It was at 21.4%, las Vegas was at 19.7%, atlanta was at 19.6%. They have some of the highest cancellation rates.

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But why are buyers walking away? Experts reflect a few reasons More buying power. There's simply more homes on the market than buyers. It gives buyers the luxury to be choosy. So many walk away if another listing seems better or issues pop up during the inspections. Also, sticker shock Mortgage rates remain high and even slight declines still keep payments near record levels. So buyers can balk when those numbers hit home.

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And then, of course, there's economic uncertainty the tariffs, inflation, political changes. A lot of buyers. Their confidence is clouding. It can make them pause or even pull the plug. So for sellers, how can you get ahead of this? And of course, there's no reason to panic. We can absolutely reduce the risk of a contract collapse and we're working in this every single day. A lot of our sellers are choosing to get a pre-inspection. We can identify small problems up front gives buyers confidence before they can back out Again. North Carolina is as this Sellers don't have to do anything.

Speaker 1:

They certainly don't have to do a pre-inspection, but a pre-inspection can be an effective tool to getting ahead of it Buyers. They can ask for repairs, they can ask for credits. Again, the seller doesn't have to do anything. The buyer and seller can negotiate into terms that work for both parties. Also, pricing it Homes with few or no showings it's likely overpriced and if you want to get interest right now, the pricing realistically matters more than ever. Of course, working with professional and experienced agents, we help manage expectations, guide negotiations and we work actively to keep deals from derailing. And then, of course, staying flexible.

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In today's buyer-friendly market. Sellers are increasingly willing to make repairs, offer price concessions or otherwise adapt to keep contracts on track. So the bigger picture is this the new norm Zooming out. National home prices are flattening. Some metros are seeing gains but many, especially in the South and the West, are seeing mild declines. I've shared what's happening here. Locally, we had a slight decline in our price. I mean it was like a 1% when you look at year-to-date this year versus year-to-date last year. There's a lot of normalization in our markets and so we have transitioned into a more traditional market. Homes are just taking longer to sell. Price reductions are common, tough negotiations are the rule, not the exception, and so, just for context, buyers have more negotiating power and so they're still making clean offers. They still have to make strong, financial clear terms. And then sellers, you can be proactive with your pricing, your presentation, your inspections, and a little prep can prevent a big collapse. But we're here at the George Real Estate Group to help you navigate through all this, whether you're buying, selling, investing. But a good agent can help light the way. We'd love to connect Just because there's some national news again.

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Our market is certainly softening. We're seeing days on market increase, but we've seen more homes sell in the last 24 months than the previous 24 months, excuse me, over the 24 months. If we look at the last 12 months again, over a 24-month period, the last year versus the previous year, there's been still more homes sold in Henderson County in the last 12 months versus the previous 12 months, over close to 40 more homes. So it's really flattened. In one sense it's not that much of a decline. And then the average single family home price the current 12 months versus the previous 12 months, is within $2,000, from 544 to 542. And then inventory levels active not pending, but active single family homes in the market 654 active single-family homes in the market. Our market is holding. Now. There has been year-to-date through the end of June, 12% more listings for sale. There has been actually year-to-date this year through the end of July, almost a 6% increase in closed sales. The market is holding and again, but the days on market are increasing. It's almost two months, over 60 days on the market until going under contract and then from closing, from listing to close, is up 18%. That's up to 115 days on the market.

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So just our goal is to provide clarity and information for you and so you can make a decision. But the truth is every situation is unique and different, every home is unique and different and we do one-on-one consultations. There's no pressure, there's no cost, there's no obligation to have a conversation with us and we'd be honored to walk alongside. We know real estate happens around life. It could be a really positive reason why you're buying or selling. It could be a challenging reason. Life happens, therefore, real estate happens, the interest rates are the interest rates, the market's the market and we're honored and it's a privilege to help our clients navigate through all of the buying and selling Again, whatever's right for you. Again, giving you options and choices so you can decide what's right for you and doing what makes sense for your situation.

Speaker 1:

We are grateful. We have an incredible group of agents, incredible team We'd love to interview for the job. Give us a call 828-393-0134. Find us online at realestatebygregcom. We'd love to connect with you and follow us on social media. We're in our office. We've been so grateful. We've been busy, and what do they say? If you want something done, reach out to a busy person. Busy people get things done. But we have incredible systems and staff and proven and predictable processes that we follow, helping our clients, whether it's the professional photography, the professional floor plans, the marketing Again, all the things that we do in ignosium to ensure and help our clients have the best experience possible. Give us a call 828-393-0134. Find us online at realestatebygregcom. We have a short break coming up, so stay tuned in. We have a lot more to cover and we'll be right back.

Speaker 1:

Good morning and welcome to the George Real Estate Group live radio broadcast here in the queue every Monday morning. So grateful to be here with you and just so much to be thankful for. We're going to dive into some conversations here in the second segment. Of course, you can follow us on your favorite podcast platform. Also follow us on social media and Facebook and Instagram. Find us online at realestatebygregcom. Stop by our office in Flat Rock if you're in the Flat Rock area. We serve all of Western North Carolina and the upstate South Carolina and we have an incredible group of agents and staff and team. And if we can help you with any of your real estate needs, give us a call. 828-393-0134, 828-393-0134.

Speaker 1:

I was reminded this is the very first Friday of football for high school football. I know my son's excited to be playing this Friday. They've been working hard all summer. I think they started practice the second week of summer just with conditioning and practicing of summer, you know, just with the conditioning and practicing, and they're just excited. And you know, wishing all the best to the, you know, to the schools and the teams and the coaches and the students and the athletes. Again, it's an exciting time of year. I mean I will say I was enjoying the cooler temperatures that we experienced earlier in August and then this weekend it was, you know, we were back to the heat again Again. Overall, our climate's so mild and temperate and so many people move here to the area to enjoy the mild climates. But again, if we can help you with anything with any of your real estate needs, give us a call. 828-393-0134, 828-393-0134.

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I do a lot of reading. I love reading and I listen to a lot of Audible books and one of my favorite book series is three books by Dr Benjamin Hardy, who I had the privilege of being on a Zoom call with a number in a book club actually got to hear the author's firsthand thoughts on the books he wrote a book called the Gap and the Gain 10X is easier than 2X and then another book called who, not how, dr Benjamin Hardy and Dan Sullivan. But these books have been very encouraging and very insightful. One of the books, the Gap and the Gain, and this concept of moving the goalposts. But I thought I'd talk about something we all struggle with, even if we don't realize it, and it's the feeling that no matter how much progress we make, it's never quite enough. I mean you hit a goal, but then the celebration only lasts for a moment. Before you raise the bar, you get the promotion, but now you want the next title. You lose 10 pounds, but suddenly 15 feels more necessary. You buy the house and then start eyeing a bigger one or a smaller one, because we have a lot of clients that upsize and downsize. It's what I call. It's what they call moving the goalposts. I mean, how appropriate.

Speaker 1:

We were just talking about football, but it's the root of living in what authors Dan Sullivan and Dr Benjamin Hardy call the gap. And here's the good news there's another way to measure your life and it's called the gain. So instead of moving goalposts further down the field, you actually turn around and measure how far you've already advanced the ball. And when you do field, you actually turn around and measure how far you've already advanced the ball. And when you do that, you experience more gratitude, more joy, more perspective and motivation. So you know, think about it.

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How many times have you achieved something you once prayed for, dreamed about or thought was impossible, only to immediately discount it? You thought, if I can just make X amount of money, I'll feel successful. And then you hit it. And then suddenly the new benchmark is double that. Or if I can just own a home, I'll be content. But once you bought the home, you started scrolling Zillow for a bigger one. Or if you're in business, if I can close 10 deals a year, I'll feel like I've really arrived. And you close 10, and then suddenly the goalpost is 20.

Speaker 1:

So that's what's called the gap, and the goalposts will always move, because our ideals are infinite. It's the horizon. You'll never arrive. And the problem is, if success only counts when you hit the new goalpost, you'll never actually feel successful and you'll always be chasing. And so the power of the game. The game flips the script. Instead of measuring forward against the horizon, you measure backwards, against where you started.

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Let's go back to the football metaphor. Imagine you've just run 60 yards down the field and you're in the gap. You're frustrated, you didn't score the touchdown. But if you're in the game, you celebrate the 60-yard run because look how far you've advanced the ball Play. The same same play, same effort, totally feeling different. And so one mindset leaves you discouraged, the other leaves you encouraged.

Speaker 1:

So in real estate, we see the moving goalposts all the time. A family buys a house for $300,000. A few years later it's worth $450,000. They've gained $150,000 of equity. But instead of celebrating, they say well, we should have bought that other neighborhood. Those homes are now worth $600,000. Now that's called the gap. That's moving the goalposts. Another family in the same situation celebrates their gain Wow. Another family in the same situation celebrates their gain Wow, $150,000 of equity. That opens up doors for our future. And the facts are the same, the equity is the same. But one family moved the goalposts and robbed themselves of joy, while the other stopped to celebrate the gain.

Speaker 1:

And then let's talk about just in my own career, early on. I remember very early on again, if I could sell one house a month, I'll be fine. And again early on, I had a goal to sell a certain number of homes. And then I hit it and I was already pushing a goalpost further. Now I need to double it. Now, instead of enjoying the milestone, I discounted it.

Speaker 1:

And so we see this with new agents too. They close their first deal. Instead of saying, wow, I did it, they immediately stress about the next deal. The goalpost moves, they lose the joy of their progress. And so when I stop and measure goals backwards, look how far we've come as a team, the families we've served. And again it's looking at things with gratitude and in perspective and we're so grateful I never could imagine we would have again early on in my career, when I was just trying to sell one home a month, to look back. And now we've helped over 1,500 families, the community we've served, the families we've helped, realizing that we've actually advanced the ball a long way down the field.

Speaker 1:

And that's living in the game and it's in perspective. Also, from a faith perspective, the scripture says in everything, give thanks. Gratitude freezes the goalposts in place long enough for us to celebrate what God's already done. You know, the biggest complainers in the Old Testament was the Israelites. God had freed them from Egypt, they parted the Red Seas and even provided food in the wilderness, but they moved the goalposts. They wanted more, faster, better. Instead of living in the game, they were grumbling in the gap Again, looking at what you have compared to what you don't have. And so, if in the game, they were grumbling in the gap Again, looking at what you have compared to what you don't have. And so, if we're honest, we do the same. We pray for a blessing. God provides it and within a few months, we've already shifted the target and again, that's the moving goalposts. Gratitude pulls us back into the game.

Speaker 1:

So how can this practically play out in our lives? And the challenge can be notice it when you catch yourself moving the goalposts, thinking I should be further along by now. Pause, take a few minutes and look at how far you've come, write down where you've come from and list ways that you're further ahead today than you were a year ago. And again, quit comparing yourself to others and this is where, again, comparison steals joy and comparing yourself to yourself and how far you've come yourself. Share and celebrate a game with a friend or your spouse or your kids or a co-worker. Encourage them to see their own games too. Because here's the truth when you stop moving your goalposts and instead looking at the yard as you've, and instead look at how far you've come, look how far you've gained, and you'll find more joy, more perspective and fuel to keep you far you've come. Look how far you've gained and you'll find more joy, more perspective and fuel to keep you playing in the game. So, friends, remember this the gap is when you move goalposts so far down the field that you'll never give yourself credit. You know. The gain is when you stop, turn around, realize how far you've already come.

Speaker 1:

So don't let moving the goalposts rob you of gratitude. Don come. So don't let moving the goalposts rob you of gratitude. Don't measure against the horizon, because guess what? The horizon, you'll never reach it. Again, you think about driving. I don't know if you've ever had the experience of driving in Kansas, across the plains, and again, you never reach the horizon.

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Celebrate how far you've come, live in the game. And so the lesson from Dr Dan and Dr Benjamin Hardy's book it's one of the simplest yet most powerful mindset shifts you can make. So this week, don't chase, pause, look back, celebrate how far you've come, celebrate the climb. You've actually come further along than you think and it's perspective that you can have. Looking that when you live in the game, you live with more joy, more gratitude, more motivation to help keep pressing forward and share it with a friend. You know it's powerful when you share about the lessons you've learned for yourself. You know it's the again, it's the. You know people can. It's all about perspective.

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And when you're real and you show up, and you show up in authenticity, again people connect with that versus pretending you have it all together, pretending you know there's no challenges or struggles. Everybody has challenges, everybody has different seasons of their life. But again, being real and authentic can make a difference in your own life and in others. We love sharing concepts like this. I'm reading so many books every week and we're just grateful. Again, it puts perspective on our lives and how we're helping our clients. Again, the market's the market. The interest rates are the interest rates we know.

Speaker 1:

Real estate's around life and helping our clients walk along life where they're at, showing up and again, providing clarity and options and information so our clients can decide what's right for them in context of how to move forward. And it could be a really beautiful reason why you're buying and selling. It could be a growing family, it could be a new job, it could be maybe you're making more space for the grandkids. Again, so many beautiful reasons why people are buying and selling. And then we walk alongside with our clients through very challenging situations. It could be a job loss, it could be a death or divorce. I mean, there's different reasons why you might be considering buying and selling and, again, every situation is unique and different. So we'd be honored to have the conversation.

Speaker 1:

Give us a call 828-393-0134, 828-393-0134. You can find us online at realestatebygregcom. We have incredible staff and team and agents and we're growing. We have a number of new agents joining our team.

Speaker 1:

The market is still moving. The sky is not falling. The market's ever-changing but again, we're adjusting. We study the market. We've walked through. This is my 20th year with my broker's license. We've experienced multiple markets and yet what we know is life happens. Therefore, real estate happens, certainly. Do we adjust? Do we pivot? Do we navigate through whatever conditions they are? Of course, and we are still helping people buy and sell houses every single day. You can stop by our office at 2720 Greenville Highway there in Flat Rock. You can find us online at realestatebygregcom. Again, just in the last seven days a quick snapshot I mean the market is still moving 48 new listings. There's been 83 price adjustments. There's been 33 homes go under contract. There's been 34 homes. Again, this is a seven-day snapshot. If you look at the last 12 months in Henderson County, we're averaging some 126 single-family homes a month selling in Henderson County the market we've actually through the end of July, through the end of this July, versus the previous July, we've had almost a 6% increase in the number of homes sold, single-family homes sold.

Speaker 1:

But we're serving Henderson County, we serve all of Western North Carolina Buncombe County, transylvania County, haywood, polk, rutherford. We serve Greenville Counties and Spartanburg Counties. We love to connect. We have incredible agents. We're studying the market, we're walking alongside, we're providing information for our clients and, again, it would be a privilege and honor to help you navigate through whatever life is throwing at you. Again, give us a call 828-393-0134. We're so grateful to be here with you every Monday morning. Again, we love sharing about the market. We love sharing about just thoughts about life. And again, connect with us. Again, stop by our office or give us a call. Follow us on social media. Follow our podcast. We have a special episode coming up next Monday, so be sure to tune in. I think you're really going to enjoy it. So tune in. I think you're really going to enjoy it. So tune in for next Monday here on the queue. Have a great day, have a great week and we'll see you next Monday.

Speaker 1:

Maybe the house feels a little too big these days, the stairs a little steeper, the pace of life a little too fast. But what if your next move wasn't about letting go. It was about making space for peace, for freedom for what matters most. At the George Real Estate Group, we understand that real estate isn't just about the house. It's about transitions, timing and trust. We've helped thousands of families in Western North Carolina make smart, thoughtful moves Closer to nature, smart, thoughtful moves closer to nature, closer to family, closer to home. So when you're ready to right size, simplify or start fresh, we'll be here. The George Real Estate Group Local, trusted, proven. Call us today, 828-393-0134. Find us online at realestatebygregcom, because your next chapter deserves to feel just right.

Speaker 2:

The George Real Estate Group has the experience of selling over 1,200 properties and serving over 1,200 families with their real estate needs in Henderson County and throughout Western North Carolina real estate needs in Henderson County and throughout western North Carolina. The George Real Estate Group is located in Flat Rock, north Carolina, near Hendersonville in Henderson County. You can find them online at realestatebygregcom. The George Real Estate Group can be reached at 828-393-0134 or stop by their office at 2720 Greenville Highway, flat Rock, north Carolina. Tune in live each week on Monday mornings at 9.05 on WTZQ FM 95.3 and 1600 AM or stream online at WTZQcom.