In July 2021, cash sales accounted for 23% of existing-home sales, a significant increase from 16% one year ago, according to the July REALTORS® Confidence Index Survey. The share of cash sales has generally trended up since the second half of 2021, peaking to a high of 25% in April. Ordinarily, sellers prefer cash sales (“cash is king”) because they don’t want the uncertainty of a sale falling through if the buyer can’t obtain mortgage financing. However, the preference for cash sales has increased in a market where buyers are competing to make the best offer.
Details courtesy of 2021 National Association of REALTORS®: Cash Sales Rise to 23% with Growing Entry of iBuyers and Fin-tech Companies (nar.realtor)
While cash buyers may be a preferred by many sellers, they do not always win the deal.
An amazing buyer’s agent finds out what the seller wants in the Offer prior to writing it. Just because an Offer is cash or full price does not mean the seller will accept it. Other considerations may be relevant, such as knowing the ideal closing date, minimal contingencies, and/or other factors. Each situation is different because motivation to sell varies from person to person.
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