That’s a staggering number if you stop and think about it. Consider that it’s up 19% from 2013 and you’ll see a shocking trend forming. There are basically two reasons for this:
1) strict qualification standards for mortgages
2) intense competition for a limited market
Any edge in the homebuying market is being pursued right now. Where buyers would qualify for a mortgage many are avoiding them to appeal to a wider group of sellers. It’s a valid tactic but it’s really disturbing for the banks (not that I’m crying for them).
Plus, all cash deals move a lot faster than ones that go through the bank. That’s better for everyone involved and will give us some interesting data on inventories and market values.
I’d keep an eye out for this kind of possibility when you find yourself at the table, whether as a buyer, a seller, or just a money-maker!