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- Cash Purchases Dominate Housing Market: 1 in 3 Homes Bought with Cash
Cash Purchases Dominate Housing Market: 1 in 3 Homes Bought with Cash
Slice of Real Estate Team
July 18, 2024
Key Highlights:
1 in 3 homes purchased with cash: Record high in the last decade.
Challenges for first-time buyers: Competing against all-cash offers.
Luminate and NEO's new program: Turning buyers into cash buyers.
zavvie technology: AI-powered platform aiding loan officers and buyers.
Success stories: First-time buyers winning with cash offers.
Source (PR Newswire)
Notable Quotes:
"Even if first-time buyers have the down payment and they qualify for a mortgage, they have not been able to compete against all-cash buyers."
"By leveraging zavvie AI-powered technology, more home buyers – including first-time buyers – who work with us have been making a cash offer and winning the deal."
"There was little to no chance she would be a homeowner today without this cash program."
Our Take:
The surge in cash home purchases presents a significant obstacle for first-time homebuyers, exacerbating the already challenging housing market. However, innovative solutions from Luminate Home Loans and NEO Home Loans, leveraging zavvie's AI-powered platform, are leveling the playing field. By equipping buyers with the ability to make competitive cash offers, these programs not only increase the likelihood of securing a home but also instill greater confidence in buyers. This strategic approach not only benefits first-time buyers but also sets a new standard in the mortgage industry, showcasing how technology can transform traditional processes and empower a broader range of buyers to achieve homeownership.