How long does it take a buyer to decide and put in an offer?

banwa

Hello

This is quite a subjective question and I understand that there isn't a single straight forward answer but I am just trying to guage the market.

We put our house on the market 2 weeks ago. We have had 4 viewings, 2 are first time buyers, 2 are investors, all positive feedback. 2 second viewings and a 3rd second viewing requested.

Last (second) veiwing was Monday. So at first it all seemed very encouraging. Then it went quiet.

All 4 are still 'interested' according to the estate agents.

This is the first house we have ever sold, so my only experience is that of when we bought it, we saw it at 6pm and put in an offer at 9am the next day. I think it was a different market then (2004), but are buyers really acting differently when they see a house they like?

I like to think the buyers are having a look about to satisfy themselves this is right property (I am trying to be unbiased but it is a great house at a great price), and they might still offer. But what I rather suspect is that if they liked the property enough, they would have put in an offer by now. We are not really in a hurry to sell but it would be nice at the same time if we did sell soon.

I just wondered what other people's experiences are of the time it takes to offer.

Thrugelmir

People may have a number of properties to view, and/or compare. When you are spending £'000's. Then need to make the right decision.

No longer a question of buy anything and tomorrow it will have risen in price.

fishpond

Maybe they are looking to see how much (£'s) they can raise.
Just a thought.

neverdespairgirl

We saw a place, once, and put in an offer that evening. But we are quite decisive people (-:

WE already knew what we could afford, and what we were looking for.

banwa

Thrugelmir wrote: »

People may have a number of properties to view, and/or compare. When you are spending £'000's. Then need to make the right decision.

No longer a question of buy anything and tomorrow it will have risen in price.

This is what I am hoping.

fishpond wrote: »

Maybe they are looking to see how much (£'s) they can raise.
Just a thought.

2 are cash buyers, 1 has a mortgage offer, and 1 tells us they have a mortgage offer...but they might still be doing their sums

neverdespairgirl wrote: »

We saw a place, once, and put in an offer that evening. But we are quite decisive people (-:

WE already knew what we could afford, and what we were looking for.

And I think I am like you which is why I think deep down that they aren't really interested.

I guess only time will tell.

Does anyone else know of a buyer that offered after quite a lapse in time?

Moonraker71

Is it priced near a stamp duty cut-off? I've seen a couple of places I like but they are new to the market and priced around the £270k mark. I would like to put in a £250k offer on one but I feel like it's so new to the market the vendor won't go for that much of a reduction yet. So I've been holding back, thinking that the longer it doesn't shift at that price, the more amenable they'd be to a lower offer. No idea if this a foolish strategy though.

banwa

No, mine is £120,000 so no stamp duty at all. The price for mine is right, the one next door sold at that price and has the orginal kitchen and bathroom plus we have done other updates that don't increase the value but make it more appealing.

I am thinking that hoping that the price of the house you want will drop by £20k is not foolish but it is quite optimistic:). It really depends on the market in your area. What does the EA say?

florence4

I think your instincts are right - you would probably have heard something by now if you were going to. Not necessarily an offer, but at least a request for a second viewing.

I have viewed about 15 house, but only offered on one. FWIW, the 'timetable' went something like this: Day 1 - view; day 2 - arrange 2nd viewing; day 4 - view again; days 2-7 - try to get mortgage stuff sorted; day 6 ask for 3rd viewing with builder; day 7 - offer; day 8 - offer declined and decide not to increase at that point; days 9-20 look around; day 20ish - raise offer and have it declined too...

ajayre

We put in our offer more than a week after the second viewing. There were still houses that were coming up and viewing them confirmed to us that the one we liked really was the best out there.

Andy

florence4

Oops, I missed that you'd already had some 2nd viewings... I think a week after 2nd viewing is fairly normal...

Dukesy

banwa wrote: »

Does anyone else know of a buyer that offered after quite a lapse in time?

We viewed our current house only once and then put an offer in about a week later, the moment we had accepted an offer from our buyer. Slightly different situation to that of your viewers, but I think there are plenty of reasons as to why offers may be delayed.