During the pandemic housing boom, homebuyers begrudgingly accepted that they'd face lots of competition, especially from people wowing sellers with suitcases of cash.
The data is the latest sign that cash buyers are clashing with borrowers more than ever. The problem has gotten worse because the drop in available homes is exceeding the slowdown in demand, according to Redfin.that a 25% drop in new listings has pushed down the total number of homes on the market by 5% year over year — the lowest levels for early June since it began collecting the data in 2015.even if they could stomach the borrowing costs.
"His last email to me was 'I think I'm done with this market,'" she said. The customer vented some more:"People are offering 20% above and all cash?!?"
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