Prospective Buyers Offering 'Way Over Asking Price' in Frenzied Market
The Florida market has experienced a 15% increase in cash buys compared with a year ago, which may indicate more investors are buying in Florida.
April 28, 2022 at 08:00 PM
5 minute read
Real Estate News
The original version of this story was published on Law.com
There appeared to be a renewed sense of urgency in the home market in February as prices increased nationally by 19.8% year over year, according to the S&P CoreLogic Case-Shiller national home price index released this week.
Jeff Taylor, managing director, Mphasis Digital Risk, tells GlobeSt.com that there continues to be a rush to the finish line as home buyers anticipate upcoming rate hikes from the Federal Reserve and push to lock in contracts and rates before the increases begin.
"We believe these dynamics have caused a bit of a frenzy, as prospective buyers were bidding way over asking price to lock in at lower rates and secure a home before the market becomes unaffordable," Taylor said.
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