Orla McCaffrey
speaker
593 appearances
13 recordings
1 series
first heard Mar 2020
last heard Jun 2022
Orla McCaffrey’s voice in public audio — every appearance, attributed to the second.
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I've talked to homeowners who are, you know, getting together with a couple members of their family, kind of just taking their savings, their life savings.
So they are trying to take advantage of that and, you know, buy a home when they can, even if it's on the lower end of the housing price spectrum.
Thanks for having me.
So the market is cooling, but it's still very competitive.
There's still so few homes on the market.
So even if demand has decreased a little bit, even if there are fewer offers on each home, that inventory is still so tight that you're still getting multiple offers on homes and in some areas, multiple cash offers.
And for sellers who want to sell quickly and hopefully get out there on the market and find their next home,
cash just really speeds up the process and makes it more secure.
Cash has been common during this kind of two year housing boom that we've seen during the pandemic, and it hasn't cooled off even as the housing market has slowed in terms of sales in the past couple of months.
So about 28% of home sales in March were paid in cash that went down to about 26% in April, but that is still well above pre-pandemic levels.
So it's people who have the cash on hand, right?
So it's people who just sold a house and realized a lot of equity gains through price increases the past couple of years.
Or it's people who have enough money in different investments in the stock market, maybe part of it in a savings account where they can show that they have this money on hand, make a cash offer.
and then get a mortgage right after buying the home.
That's called delayed financing.
And a lot of the times it's older folks, people who have owned homes for a while who are maybe trying to downsize and have a life's worth of savings on hand.
So sellers by far prefer cash.
Redfin, the real estate brokerage, found that cash offers are about four times as likely to win bidding wars as offers that would require a mortgage.
So that is a really big benefit.
And cash offers are also good for buyers because they know that the sellers like cash offers, so they don't feel the same kind of pressure to overbid $20,000, $30,000, $40,000 above the asking price on a home like we're hearing about in so many markets.
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