Life imitates art, and more than I would have ever thought possible, rap lyrics are applicable guides for real estate. This past week? Wu-Tang seemed the most fitting, as this market has been ruled by cash offers on regular homes.
CNBC reports mortgage applications are up 6% while the volume is only down 1.5% from one year ago. Read the rest of the article here.
As for us, we have been super busy and have seen a tremendous uptick in cash offers on regular, pedestrian residential homes. As I type this, I just learned we lost out a bidding war on a home in Forked River to a...you guessed it...cash buyer.
Who buys a home cash? Usually an investor. If you're looking in NorthEast Asbury where the AVM is in the $700k range, it's nothing unusual to see a cash deal on a renovation project for $400k. Within the circle of end user-turn key homes, cash offers are far less prevalent.
Are you thinking about selling? The time (hint hint...nudge nudge) could NOT be better. Reach out to us at 732•507•9592 via text or call to get rolling. See you guys next week!