Even though the cash real estate market is slowing, it's still important for you to help your buyers who need to compete with cash buyers. In February, CoreLogic data showed 37.9 percent of closed deals were to cash buyers, which is down from 40.6 percent the previous February. For buyers who plan to finance, this is excellent news. The cash market has been falling since January 2013. However, with cash buyers making up a little more than 30 percent of the market, your clients are going to need every competitive edge they can find. These five tips will help you help them beat the lure of cash. 1. Understanding creditworthiness The single most important thing you can do to help your clients position themselves as competitive buyers in this market is to impress upon them the importance of good credit. As buyers who need to finance, they should be keeping tabs on their credit. The target FICO score should be at least 700. As their agent, you need to be prepared t...
- The cash market has been falling since January 2013. However, with cash buyers making up a little more than 30 percent of the market, your clients are going to need every competitive edge they can find.
- The FICO score is calculated by analyzing all open accounts on a person's credit report. One of the first things you need to be aware of is making sure clients are well below their credit limits and consistently make larger than the minimum monthly payment.
- With the seller, and possibly the listing agent, a larger earnest money deposit can go a long way toward greasing the wheels.
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