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The frenzied market has caused a big change in N.J. real estate — more cash buyers

The frenzied market has caused a big change in N.J. real estate more cash buyers
Updated 12:50 PM;
More buyers in New Jersey’s red-hot real estate market are relying on an old virtue to get their offers accepted cash is king.
Real estate agents throughout the state have said their buyers are often losing bidding wars to offers that are cash, meaning the sale is not contingent upon the buyer getting a mortgage to close. Cash buyers also run the risk of losing their deposit, so their offers are seen as more committed. And an appraisal isn’t needed for a cash purchase, eliminating another contingency. ....

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Bucks County house hunt: Real estate market is scorching hot

Megan McCormick and Gerard Mann started looking for a house online last year, but their real hunt began in January when they jumped into a scorching hot seller s market marked by multiple bids, over-asking price offers and low inventory.
Welcome to house hunting in Bucks County. It is not for the faint of heart. In a desirable market, bolstered by low interest rates, there are just too few homes for all the buyers who want to make a move.
McCormick said the engaged couple has been out most weekends and nights over the past month with their Realtor, and have put in offers on four homes. The bids they made on three of the houses all above list price didn t win. Finally, their bid on the fourth house a newly renovated four-bedroom, one-and-a-half bath home on Appletree Drive in Bristol Township was accepted. ....

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