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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Appearances
I've talked to homeowners who are getting together with a couple members of their family, kind of just taking their savings, their life savings, and putting them all together to come up with a cash offer.
I talked to one homeowner who decided to buy a bigger, larger house to live with her older mother in, along with her mother and her brother.
They all pooled money together to buy that home, and they kind of see it as a long-term investment.
that they didn't need to finance.
So she plans to retire there and so does her mother.
And I don't think before the past couple of years they would have ever considered buying a home in cash.
They had always financed homes before.
Others have come into money for the first and maybe only times in their life.
So they are trying to take advantage of that and buy a home when they can, even if it's on the lower end of the housing price spectrum.
And then there are a growing number of companies, kind of startup companies, as well as traditional mortgage lenders who are creating special programs where
They will buy the house for you, basically.
They'll put a cash offer in your name.
So that will kind of catapult you maybe to the top of the list in terms of who sellers are going to choose.
And then they'll turn around and sell the house to you and get your mortgage for a fee, of course.
But yeah, that all kind of just reflects how competitive it still is out there, even if sales are slowing.
Yes, unfortunately, it's not.
Another person I talked to for this story submitted three offers and they were all in cash and she didn't have one accepted until the third offer.
So yes, it makes you more competitive, but it's absolutely not a silver bullet because a lot of people are kind of thinking the same thing right now.
Because like I said, it's still a very, very, very competitive housing market.
Especially first-time homebuyers, it's really hard to break in just because of the double-digit price increases that we've seen for almost two years now.
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