Scott’s Market Brief: Getting Under Contract Is Only the Beginning

30-second takeaway

A fresh Redfin report highlights growing national contract cancellations. For Cedar Rapids and Eastern Iowa buyers and sellers, the practical lesson is preparation: understand the payment, clarify the contract terms, and address questions early.

More national deals are falling through.

Redfin’s October 12 release reports that 14.5% of homebuying deals that went under contract in September were canceled—the highest share outside March and April 2020. This is national evidence; it does not establish Cedar Rapids’ cancellation rate.

The national market also became less active.

Pending sales fell 4% from August on a seasonally adjusted basis, while available supply rose 1.2%. Those figures describe the broader market, rather than conditions for a particular Eastern Iowa neighborhood or price range.

What buyers can do

Before making an offer, refresh your estimated payment with your lender, including taxes, insurance, and mortgage insurance where applicable. Discuss inspection, financing, and appraisal contingencies with your agent, and understand the deadlines and obligations in your specific contract.

What sellers can do

Have property information and required disclosures ready. Review an offer’s financing, contingencies, and timing alongside its price. Responding promptly to questions can help keep the transaction moving, although no preparation guarantees a closing.

My advice

A signed contract is an important milestone. A clear plan for what happens next helps everyone work toward the finish line.

Thinking about a move around Cedar Rapids or Eastern Iowa? Let’s talk through your next steps.