Investors with cash make it tough for first time buyers
This column from CNBC illustrates what many first time home buyers are facing in San Diego County as they try to purchase a home. They find themselves competing with investors who are buying with cash, and these cash offers are often trumping offers where a loan is involved, regardless of the purchase price offered.
I think it’s important for first time buyers to be patient with the process and realize that they may have to make offers on multiple properties before they get one accepted. The low inventory, the influx of investors with cash, and the heavy competiton from other first time home buyers are making it difficult to purchase a home. The incentives are there with the low interest rates, affordability, and the tax credit, but a good deal isn’t going to come easy.
