In a strange reversal, some sellers’ agents then try to chase down the bidders a week or two later and woo them back to the table.
One of Mr. Kutyan’s listings is a house in a popular neighbourhood but on a less desirable street.
Demand is still outstripping supply significantly, Mr. Colling notes, and while some buyers may decide against a big move-up purchase, he expects any hesitancy to be temporary as consumers absorb big headlines on inflation.
“This inflation level has been born out of unique circumstances,” he says, pointing to the pandemic and global supply chain issues.
The weakening of oil prices in April bodes well, but meal prices could continue to be pushed up by commodity price jumps.
If the deal went through after their pre-approved mortgage expires, they would have to pay more in interest.
The 90 days gives the buyers a cushion if they need to sell their current home, which may be more difficult in a slowing market.