The recent surge in all-cash offers is happening because buyers want to avoid getting a mortgage at today's high interest rates, Chen Zhao, of Redfin's economics research team, wrote in a blog post. With that trend in place, the people who sought all-cash-offer proptechs in the past aren't likely to use them today, because they still need financing from a lender to pay the power buyer back.
"Due to uncertain market conditions, and as part of a longer-term effort to add dexterity to our product suite, we decided to temporarily pause Ribbon's all-cash homebuying solutions late last year," Sean Piazza, a Ribbon spokesperson, wrote in an email to Insider. Piazza said the company was focusing on customers who had already used the service in the fourth quarter of last year.
The company still offers the service, though admits its market isn't what it was nine months ago when cash offers were"almost a prerequisite" to winning a home in a competitive situation. But there's still a rationale for the product, said CEO Tushar Garg.
everybody’s looking for the greater fool… it just becomes more of a scramble when the music stops and there’s no empty chair left… amusing to watch the douchebag finbros seeing their pimp life disappearing.