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Really, you mean to tell me someone with 300-400k in hand is only buying a 300-400K home?
Not unusual right now at least. Have heard it from several realtors in the Danbury area. Sounds like a mix of downsizing and cashing in on sales of houses closer to NYC.
Not unusual right now at least. Have heard it from several realtors in the Danbury area. Sounds like a mix of downsizing and cashing in on sales of houses closer to NYC.
Really, you mean to tell me someone with 300-400k in hand is only buying a 300-400K home?
You would be surprised at how many high salaried New Yorkers who rent have that kind of cash or easily liquid funds available for a cash purchase.
Quote:
Originally Posted by SteveM85
On second thought, I can see if older or retired personnel with cash in hand from a big sale looking to downsize were doing that.
Still, it's not a requirement. 20% is still the accepted norm.
In a hot market, I'm taking the highest offer. Period. What do I care what the buyer puts down, that's their problem. Next man up, if it doesn't work out.
It’s not just older buyers and retirees. There are a lot of younger buyers too, in fact, it’s likely more younger buyers than older.
The fact that these buyers can close quickly and/or have flexibility in closing means a LOT to sellers. A couple thousand bucks extra is not nearly as important as the ability to close without having to wait for bank financing or the associated paperwork and scrutiny especially in a market where prices are climbing faster than normal. Sellers see that as a giant advantage so they will consider taking a few thousand less to avoid that possibility. I think you would too. Jay
You would be surprised at how many high salaried New Yorkers who rent have that kind of cash or easily liquid funds available for a cash purchase.
It’s not just older buyers and retirees. There are a lot of younger buyers too, in fact, it’s likely more younger buyers than older.
The fact that these buyers can close quickly and/or have flexibility in closing means a LOT to sellers. A couple thousand bucks extra is not nearly as important as the ability to close without having to wait for bank financing or the associated paperwork and scrutiny especially in a market where prices are climbing faster than normal. Sellers see that as a giant advantage so they will consider taking a few thousand less to avoid that possibility. I think you would too. Jay
High salaried NYers with 400K on hand aren't buying homes in Milford for 400K. You know that. I mean come on, let's be real here.
Yes, there probably are more younger buyers than older. That's probably always the case.
High salaried NYers with 400K on hand aren't buying homes in Milford for 400K. You know that. I mean come on, let's be real here.
Yes, there probably are more younger buyers than older. That's probably always the case.
I would take the highest bid at that moment.
I'm issuing another mulligan here but be careful.
No I don’t know that. A $400,000 house in Milford would look like a palace to a double low six-figure income couple compared to a $3,000 a month apartment in Manhattan especially if they are starting a family.
Whether you accept a higher offer that has securing a mortgage as a contingency over a couple thousand more is your choice. I think more sellers would go for the cash sale with a quick close. As the saying goes “A bird in the hand is worth two in a Bush”. Jay
No I don’t know that. A $400,000 house in Milford would look like a palace to a double low six-figure income couple compared to a $3,000 a month apartment in Manhattan especially if they are starting a family.
Whether you accept a higher offer that has securing a mortgage as a contingency over a couple thousand more is your choice. I think more sellers would go for the cash sale with a quick close. As the saying goes “A bird in the hand is worth two in a Bush”. Jay
You changed the narrative.
Yes, the double low six figures with a 3K rent probably doesn't have 400K on hand so I would have to do nothing but agree here. Absolutely. They would have that in IRAs though.
You changed the narrative.
Yes, the double low six figures with a 3K rent probably doesn't have 400K on hand so I would have to do nothing but agree here. Absolutely. They would have that in IRAs though.
I agree with all your points. A mid income couple would feel lucky to live in a 400k Milford home, especially moving from a cramped NYC apartment, but they’re certainly not cash buyers.
I have no idea the age, employment income, or any other specifics on those cash buyers. I don't even know if they were from NY! Just that someone bought a ~400k house with cash, which seemed unusual.
An NYC couple we met that are younger and relatively high income bought a beautiful historic $700k house in downtown in April. Doubt it was a cash purchase.
Just thought I would provide an update to this thread. After putting in numerous offers on 4 different homes (3 previous homes we were outbid and all had over 7 offers in) we are closing on a beautiful home in Paradise Green Stratford 2 weeks from today. Home had 8 offers and it was a bidding war. We bought the home for $25k over asking but feel good about it as our appraisal came in at $15k over our sale price and comps in the area are all selling for far higher. Our realtor told us almost every home has a New York couple buying it. Seems to me we wont be the only New Yorkers new to town. Makes you think what this huge influx of us into the area will have on Stratford. My guess is better schools, more development, lots of spending in town. I think Stratford may be coming up in the world, the secret is out!
450K in any of those towns,Especially Wilton and Westport aint gonna get you far.
Edit:Just read your above post. Congrats! Stratford is a real nice town.
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