Source: Quicken Loans —
If you’re one of the millions of Americans who purchased a home during the pandemic, you were most likely beaten out by a cash offer at some point. But a cash offer on a house is nothing new – they have been a mainstay in the real estate market since the 2008–2009 recession.
During this particularly competitive market we find ourselves in, cash offers set buyers apart. And they’ve been rising in popularity in recent months. In fact, a fixer-upper in Washington, D.C.,¹ received 76 all-cash offers in the first 4 days it was listed.
Fewer properties on the market plus people eager to buy a home equals bidding wars, soaring home prices and endless headaches for people looking to buy. Cash offers are particularly alluring to sellers. Cash buyers can immediately verify they have the funds for purchase, which speeds up the closing process and some of the hang-ups that come with financing.
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