Cash Offer Home Sales In Charlotte On The Rise
How can we forget a couple of years ago when it seemed home buyers had an endless supply of cash?Well, it seems cash offer home sales in Charlotte are on the rise again.
According to AXIOS Charlotte, Redfin data indicates the percentage of homes in Charlotte and surrounding areas purchased with cash is slightly higher than the national average.
The Numbers And What’s Behind Cash Offer Home Sales In Charlotte
The numbers show Charlotte at 37.4% compared to the national average at 34.5%. So, what’s driving these cash offer home sales in Charlotte?
Experts say people with the means to do so, often view homes as a type of safe ‘savings account’ to stow away cash. After all, owners can always borrow from the home for a rainy day.
Now, this is something regular folks like me would never be able to do. I have never had that much cash available.
But, for buyers who aren’t true investors, some of the buyers are simply people migrating from higher priced locations with more profit from homes sales.
So, the large amount of money from the sale of those homes goes into cash offer homes sales in Charlotte.
Advantages Of Cash Offer Home Sales In Charlotte
And, I remember when we sold our home a few years ago cash offers were all the buzz. We, however, didn’t benefit from that scenario. Our buyers had to do the whole appraisal, inspection, approval process.
That leads sometimes to having to lower the price of the home to fit the perceived value. And, the time to close can be delayed.
Plus, those exciting numbers you see your neighbors getting from cash offers might not necessarily be what you can ask. Been there, done that.
However, close friends of ours in Charlotte did. A family moving from California sold for a huge profit and brought $600,000 to the table to purchase a home in the Marvin area.
This is particularly enticing because with no loans needed, there’s also no interest and no appraisals required.
Obviously, that can be dangerous in the long run because the chance of paying more than the home is worth becomes problematic later.
But, sellers love it when the bidding wars are on and sales go quickly with cash on the table. If you’re looking to make a move, take a look at the full article for more.
