Are you seeing prices drop? My son has been wanting to buy and has cash. I think he’s counting on making out like Elizabeth Warren did in ‘08.
> Are you seeing prices drop? My son has been wanting to buy and has cash.
I’ve got cash, but am holding my powder until next year. It should be dismal come January.
Cash talks louder than buyers who seek loans. Your son can get sellers to lower their asking price a great deal lower than for those seeking loans. My daughter just bought a house, got the asking price dropped $250G because she paid half in cash and could easily get a loan for the remainder. She moved in this past weekend to a solid home with additions, better than others she looked at over past few months that were pricier.
Houses for sale around here have started going through price drops because buyers can't afford loans. It's now a buyer's market; your son has more choices now for location and quality, and less competition.