The Power of Cash in a Highly Competitive Housing Market
-
durch Sherman Fowler
- May 4, 2021
- Real Estate Market
- 0
Cash is king, money talks, you made a great cash offer and your offer was still rejected. WHY?
The National Association of REALTORS® Economists’ Outlook reported the following:
“buyers are turning to the power of cash, putting 20% or more in down payment, or simply not making an offer if there are already multiple offers on a property, leading to a widening wealth and income divide among those who are already financially wealthy and those who have not built up wealth, which mainly comes from homeownership in the first place.”
The report also pointed out that 1 in 3 buyers did not make an offer because they did not want to compete with other offers.
“Among reported clients who decided to not make an offer on the property, 35% of those reported cases did not make an offer once they knew there were already multiple offers on the property”.
Read the full housing stats and analysis from NAR’s research experts NAR’s economists’ Outlook.
Data source | National Association of REALTORS® and Scholastica (Gay) Cororaton
