C'est le Buzz: Buyer Market
Did you realize that 35% of all offers are all-cash in this market? There is a lot of transfer of wealth going on in these all-cash offers. Buyers are reacting in the heat of the moment. The buyer is the driver in this decision – the buyer says ,"I want this house and I want it now." Some buyers are deciding to get financing after the close of escrow. This process is called delayed financing. The buyer has six months after the close of escrow of his new home to close escrow with the refinance (Go visit your favorite lender for more details) This week's market odometer is on cruise control. Last month there were 5 to 10 offers while this week many houses are getting 3 to 5 offers. Buyers are still putting their very best offer on the table and sales prices are still way above the list price. The strategy for the Spring and Summer market has been to list below market value to attract multiple offers. For this coming Fall, the statistics are showing us many...
