Sometimes a seller will say to you, "Well, just sell it to a cash buyer. I don't want to deal with financing."
Have you heard that? We all have from time to time. When you have a seller say that to you, you need to arm yourself with good information so you counter that. And help them understand that the market isn't comprised of a ton of cash buyers.
The good news is that there are more cash buyers that there has been. We've seen a huge uptake in cash buyers. But the current number as of today, in all across the country, is that 25% of the sales done in the country are now cash buyers.
But what's the reverse of that number? The reverse of that number is 75% of the sales are not cash sales. So they're involving some level of financing. Which means that when we list a property, we have to sell it four times in order to create a sale.
We have to sell it to the market, to get them excited about that listing. That's creating that great first impression.
Then we have to sell it to the buyer so they want to buy it and they actually want to write an offer on it.
Then we have to sell it to the appraiser because the appraiser's going to go out there and be looking out for the bank's interest. They're going to do comparable sales and see what they believe the home is worth.
And then you have to sell it to the underwriter that works at the bank and says, we're okay lending that money based on what I've seen in the comps and the appraisal.
So four different levels of sales have to occur when we have financing. And 75% of the time, we will have some level of financing.
So interesting stats that you should be able to use in the marketplace at any given time.
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