A 2023 report from Redfin reports that all-cash offers for April 2023 grew to 33.4% of all national purchase transactions. This is near a nine-year high (which was set in February 2023 when all-cash purchases rose to 33.5%).
We hear it a lot from borrowers - their offers aren't attractive or competitive enough against another offer that's all-cash. And that all-cash offers are something that only wealthy homebuyers can afford.
Higher interest rates are causing a larger market share of all-cash offers, and that has been a source of discouragement among homebuyers, especially ones looking for their first home. They are finding it nearly impossible to submit an offer that is competitive against an all-cash offer.
Here's where we might be able to help.
Castle & Cooke Mortgage can help buyers and agents compete with all-cash offers and potentially give them an advantage against the competition.
We can work with buyers and agents to help find an acceptable cash purchase provider who will provide the initial offer on the subject property and contracts to purchase it for cash, and then sell it to the buyer. This cash purchase provider will ultimately be the seller on the purchase contract.
With home inventory still low, and increased competition, sellers are looking for the most attractive offers, and if a property is in the middle of a bidding war, an all-cash offer can be the deciding factor in which offer to accept.
Only this time, you can present an all-cash offer of your own.
Your Castle & Cooke Mortgage loan officer has all the details and how it might be able to help boost your chances of getting an offer accepted. Click here to find a loan officer in your area today.
Source: https://www.scotsmanguide.com/news/all-cash-purchase-share-stays-near-nine-year-high/
