Cash Buyers Rule in Today’s Real Estate Market
The National Association of Realtors reports that cash buyers currently account for 30% of all transactions in the real estate market – up from 25% at this time last year and up from 12% over two years ago. What does this mean for the current housing market?
Cash buyers are stabilizing prices in many markets across the country, but the transactions aren’t enough to prompt price increases. That means that as prices hold stable, traditional buyer are left with still favorable market conditions yet sellers won’t be seeing any price increases anytime soon.
If you’re looking to sell, this is a point to beware of – putting your home on the market in the hopes that surrounding comps will pull up the value is a poor play. However, you can make the offer more attractive to cash buyers. It’s not uncommon for sellers to offer up to a 5% discount for buyers bringing cash to the table (a figure that buyers with cash stashes might want to take note of).
Your best bet? Have a chat with your realtor, whether a buyer or seller. They’ll give you the best picture for what your real estate future looks like along with conditions in your local market. We do the working so you can do the living!
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The Staff at San Juan Realty, Inc.
Tags: Home Selling Tips, home values, housing news
