Multiple offers have been the norm this past year, and I get nervous for my buyers when we're competing against cash offers. Doylestown has been a particularly challenging market with cash buyers relocating from New York.
I decided to take a close look at the local county stats to see how many offers were cash because:
I'm neurotic like that, and
I wanted to help my clients understand the odds of getting their offer accepted
The (kinda?) good news is that cash offers account for anywhere between 16%-21% of all accepted offers in the local five counties. Conventional finance has a solid chance of being accepted, as it accounts for 58%-80% of accepted offers.
The bad news is that other forms of finance (FHA, VA, USDA, etc) are not getting accepted very often. I'll explore the reasons in another post, on another day.
Specific financing breakdowns by county are listed at the bottom of this article.
Please reach out to discuss your specific buyer strategy options.
Melissa Walter, CRS, ABR, SFR, REALTOR®
Serving Montgomery, Bucks, Chester, Delaware, and Philadelphia Counties
HOME PURCHASE FINANCING BREAKDOWN BY COUNTY
(previous 90 day closed sales, Aug 15-Nov 15)
Cash: 466 sales (18%)
Conventional: 1795 sales (68%)
Other*: 361 sales (14%)
2622 total sales
Cash: 619 sales (17%)
Conventional: 2477 sales (80%)
Other*: 452 sales (13%)
3548 total sales
Cash: 380 sales (16%)
Conventional: 1808 sales (74%)
Other*: 248 sales (10%)
2436 total sales
Cash: 436 sales (19%)
Conventional: 1378 sales (61%)
Other*: 445 sales (20%)
2259 total sales
Cash: 1031 sales (21%)
Conventional: 2877 sales (58%)
Other*: 1046 sales (21%)
4954 total sales
*Other financing may include FHA, VA, PRIVATE, USDA, and/or COMMERCIAL WRAP financing