The top reasons were buyers felt they didn’t have enough time to weigh up their priorities and options. Realizing they chose the wrong location or ended up with too long a commute, or finding they didn’t take enough time to go with the right agent or carry out a home inspection.
Let’s start with perhaps the most obvious reason for a link between the house-buying frenzy and falling prices. Many people chose to buy houses during the pandemic means these people are no longer searching for properties.
The number of buyers is also likely to be low for other reasons. Real estate investors may be reluctant to get involved in the market amid the current uncertainty. At the same time, the cost of living crises and high mortgage rates make it challenging for first-time buyers to enter.