While some buyers are getting cold feet, others are having plans derailed by a change in their borrowing power.Property listingsRapidly rising interest rates, reduced borrowing power and a fear of overpaying are shaking the confidence of home buyers and prompting more house hunters to delay purchases.
This and a fear of overpaying were leading some buyers to ditch plans of purchasing at the last minute. “If your property is not well marketed, presented and well priced, you may well find the buyers don’t turn up on the day,” McCarthy said. Will Unkles, the director of Melbourne mortgage broker 40Forty Finance, said many of his clients had cold feet and about 80 per cent of those with a pre-approved loan would need to see an amazing opportunity to act.“Unless someone has to buy for a particular reason – say, they’ve got a growing family, they’re moving for work or need to get into a certain school zone, things that are a big life move – [they’re] not rushing to buy,” he said.
Source: Loan Digest (loandigest.net)
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