Am I being let down gently? Potential buyers slow to make offer after viewing

[KimGa]

We put our house on the market in March, had an open day, went to best and finals. Had 3 offers, accepted one. All was great.

We found an onward property which then regrettably fell through. Next our buyers pulled out a month later - fed up with waiting. Not great.

We had a fresh open afternoon on Sat 16th July. I asked for any offers to be in by mid morning today (36 hours later) if possible because we saw a property (also on Sat - viewing booked before our buyers pulled out) which we wanted to offer on today (it’s gone to best and finals).

Our agent says 2 different buyers really like ours - one investor (buy to let) and one couple, but he has spoken to them both today and neither are ready to make an offer yet. He suggested that they may be crunching numbers etc.

Is this the agent letting us down gently or do people really hang about before making an offer? I guess they might be waiting to see whether anyone else offers (especially the investor) to try and get the lowest price possible?

I think it’s possible.
We certainly crunched numbers before offering. We knew our max figure but once we’d seen the house wanted to have a chat about figures, commute costs etc

In many areas buyers are now much more hesitant compared to March. Interest rates have risen quite significantly and are expected to rise 0.5% again in another couple of weeks. That means that monthly mortgage payments are significantly higher than they were for the same sale price in March. It all means that house prices will have to fall, particularly as essentials have gone up massively at the same time adding further to monthly costs. This is probably why they are being hesitant and careful in their calculations.

I think people are hesitant in the current economic climate. In London, more deals are falling through (according to two agents). I’m viewing properties but am taking a wait and see approach until September.

Exactly, this type of price bubble can`t survive a panicked rising interest rate cycle, and no doubt millions of people up and down the land will be applauding the price drops as they happen.

I think they might be forced into another big rate hike in September, they are getting the taste for it now but are still WAY BEHIND the curve on inflation.