Real Estate & Finance Practice Group Chair, Pat Cusato, was recently interviewed in an article about the rise in real estate deal cancellations by Scripps News, a national news network. The article was picked up by 61 TV station websites across the country, including Buffalo’s WKBW.
“More Buyers Getting Cold Feet as Home Costs Rise,” highlights the growing trend of real estate contracts falling through and buyers backing out of deals. Pat described that with mortgage interest rates increasing in the last 18 months from the 4% range to 7% range, many buyers have either dropped from the market or reduced the price point for their search. “The interest rate increase is coupled with the general price increase of homes,” Pat said. “There are mortgage contingencies that could be written into a contract to protect a buyer from an unexpected increase in interest rates.”
To read the full article on Scripps News, click here.