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Agents Lament on Facebook
My broker, Joe, started a thread on Facebook that I thought was worthy of publishing. I removed the last names of the participants in the conversation for their privacy.
As many of you know, there are very few homes on the market right now and as such, competition is fierce. All cash offers are beating out everything and the cash seems to be everywhere at the moment. I believe I read an article this morning that said in 2012, 30% to 35% of all home purchases were all cash, the normal being about 10% of the market. That sounds like an enormous percentage but that’s what the National Association of Realtors has cited on many occasions since the first of the year. (click here for an example)
As you can see from this thread, agents are citing case after case where all cash, sometimes as much as 50% over asking price, is ruling the roost at the moment. Of course this would also be price range dependent. I would estimate that any home under the $300K range would fall into this category. Above $300K less so.
The story is always the same..persevere and it’’ll happen. Patience is a virtue. The early bird gets the worm…blah, blah, blah! LOL
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