The frenzied market has caused a big change in N.J. real estate more cash buyers
Updated 12:50 PM;
More buyers in New Jersey’s red-hot real estate market are relying on an old virtue to get their offers accepted cash is king.
Real estate agents throughout the state have said their buyers are often losing bidding wars to offers that are cash, meaning the sale is not contingent upon the buyer getting a mortgage to close. Cash buyers also run the risk of losing their deposit, so their offers are seen as more committed. And an appraisal isn’t needed for a cash purchase, eliminating another contingency.
The housing market is hot for many reasons. Millenials are one of them.
Updated Apr 17, 2021;
Posted Apr 17, 2021
A real estate For Sale sign reading Sold hangs on Bard Avenue lawn as home buyers gain strength amid an ailing market.Thursday July 12, 2012. (Staten Island Advance/Anthony DePrimo) Staten Island AdvanceStaten Island Advance
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We’ve all heard about houses selling in days with multiple offers and bidding wars being the norm. But in the midst of a pandemic and all its implications it’s tough to understand why the housing market is so hot.
Experts tell NJ Advance Media the record home-buying spree is being fueled by low interest rates, a flourish of millennial buyers and urban flight.
Fistfights. Free tacos. This is how crazy the N.J. real estate market is, agents say.
Updated Apr 14, 2021;
Posted Apr 14, 2021
Low inventory and high demand are causing chaos at open houses leading to long lines and multiple offers within days.
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An agent offered to supply tacos for a Tuesday closing.
And a fistfight apparently broke out at an open house.
The residential real estate market is at an historic high for home sales despite low inventory. And as buyers grapple to score one of the coveted homes on the market, they’re using whatever they can think of to make their offer stand out.