Debunking the myth that only cash buyers can win in our competitive market.
There’s a big myth right now that only cash buyers are winning homes. The narrative is that sellers want the most qualified and easiest buyer, so they only accept cash offers. That’s not the case.
In the past 90 days, we’ve sold 7,322 detached homes in the San Diego area. Only 1,420 of those properties were bought by cash buyers. That’s just 20% of the purchases. Conventional loans make up the majority at 61% of those purchases, or 4,561 homes. It’s a myth that only cash buyers win; conventional offers still occupy a very prominent place in our market.
However, VA and FHA purchases have fallen off quite a bit. VA purchases accounted for 756 of those sales, or just over 10%, and only about 250 purchases were with FHA financing. Neither of those loan types make up a significant portion of sales in our market right now.
If you have any questions about these numbers, our market, how your home fits into it, or how to get your offer accepted, give me a call at (858) 275-6462. I look forward to hearing from you.