Why more Central Ohio home sales are falling apart

The big picture: Contracts are being canceled at "a fairly high rate" nationwide as their negotiating power grows and economic uncertainty mounts, among other reasons.

• "In a market where home prices and mortgage rates are high and competition is low, buyers want the home they buy to be perfect," researchers wrote in the report.
• Meanwhile, some sellers aren't willing to budge on price or repairs.

Zoom in: Between September 2024 and September 2025, around 1 in 6 pending contracts were canceled in the Columbus metro area.

• That's slightly higher than the national average.

Between the lines: The top reason for canceled contracts is that a buyer's finances have fallen through, often because they've exceeded their preapproval, says Buffie Patterson, president of the Columbus Realtors board of directors.

• Other common reasons include title issues, problems discovered during inspection or disruptive life events.

The intrigue: But why the broad increase in cancellations? Patterson says it could actually be an indicator of a better environment for buyers than in the recent past.

• "We have additional inventory on the market," she says. "There are still situations where there are multiple offers, but those tend to be fewer than they were in 2021 or 2022, when pretty much every home had multiple offers."

Stunning stat: More than 5,900 homes were up for sale in the Central Ohio market in October, up 21% from last year, according to Columbus Realtors' latest market report.

• That's the highest inventory in nearly a decade.
• Closed sales are also up 9.5% in the last year.

Technically, we're still in a "seller's market" — defined by less than six months of available housing inventory.

Yes, but: Compared to recent years, "buyers have more power" to walk away or ask for things, Patterson says.

• "Before, they may not even ask for an inspection, let alone any repairs. In this current environment, we have more inventory and options for buyers."

Tips for sellers

With buyers gaining power, it's an increasingly tricky time to sell.

State of play: Delistings spiked this summer, and Redfin reports the 1.43 million U.S. homebuyers in August marked the lowest number since 2013, aside from the start of the pandemic.

Putting a house on the market? Here are Patterson's tips for avoiding that frustrating canceled contract:

🔒 Protect yourself: Require a strong preapproval letter, one that isn't valid for too long, and have your agent request the lender's contact information to ensure you can check in.

💵 More earnest money: Often, earnest money deposits are around $1,500 — requesting a deposit closer to $5,000 or even $10,000 can help a seller "have more comfort that a buyer isn't just going to walk away or change their mind."

🥈 Consider backup offers: If you receive multiple offers, consider asking if anyone is willing to be a backup in case the chosen offer falls through.

• "If we have seven people submit an offer, I'm reaching out to all six of the others whose offer wasn't chosen to see if any of them are willing to be in a backup position."

🔍 Get a pre-listing inspection: Having one can help avoid a deal falling through upon the buyer's inspection.

• Making necessary repairs or even just disclosing them can prevent the element of surprise from scaring off a buyer.

🏷️ Price realistically: The market isn't entirely flipped, but prices and demand have changed. The market isn't as seller-friendly as it was six months or a year ago, so keep that asking price reasonable.