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There are no doubt challenges for many that are probably here to stay. I would rather be a buyer now though than a couple years ago where everyone had to put down so much non-refundable money and offer way over asking price.
It depends on your situation honestly...for those who were cash strapped, they were unable to pay $50k or more over as the homes were not appraising for the increased amount, so they did not have the cash on hand to compete. This was especially so for sub-$500k homes where investors with all cash or those from California or New York won out consistently. Buyers had to waive both appraisals and repairs, putting them at a great deal of risk. For those who were not cash strapped, it wasn't as much an issue, but for those who were, it was really hard to get the house they wanted without putting them at a lot of risk. Certainly understand your point at a high level but many buyers were in tough situations.
@@relocatingtoraleigh I understand because I’m one of those darn NY carpetbaggers who bought a townhouse cash it was cheap only 250. However you’re dead wrong if you wouldn’t trade 3% on a 500k mortgage for paying 50k over list. 3% vs 7% rate is like 700 a month difference and a couple hundred thousand more over the life of the loan. Honestly if you can’t put down or drop a little extra at close you have no business buying a house. That’s not your problem or responsibility and I commend you on your work. People are so silly and only care about what they can afford monthly that’s why everyone looks rich and is really broke Anyways best of luck to you and your future endeavors
Certainly understand your points! Interest rates are a killer for sure...can't wait until they come back down, every little bit helps. Thank you and good luck to you as well!
