31% of purchases last month were all-cash offers.
I will repeat that again for the people in the back: 1 in 3 purchases in August 2022 were all-cash!
While that might make an offer more appealing to a seller's agent, that is not necessarily in the buyer's best interest.
The recording above is of a sales training that Princeton Mortgage hosted in September of 2022.
In the training, our Head of Sales, Mark Gordon, breaks down the negatives of offering all cash (It makes you less liquid!)
Then he runs scenarios of better things that borrowers (and you!) could potentially do with that money: Why buy one home for $300,000 when you could put that money to work with multiple investment properties?
We also touch on how important it is for Loan Originators to share this type of information with their referral partners to set themselves up as THE person with answers during this difficult market.