Americans on the hunt for housing are teaming up with family members, taking advantage of sudden windfalls or finding companies that will make a cash offer on their behalf
Some potential buyers are pooling their money with family or paying companies to make cash bids on their behalf
With the average 30-year mortgage rate rising to 5%, home ownership may now be out of reach for millions more Americans. WSJ’s Dion Rabouin explains the impact for potential buyers, sellers and the housing market. Illustration: Adele MorganSiblings Kristy and Jason Nemetz and their mother, Christel Nemetz, decided this spring they wanted to buy a home together. With the housing market so hot, they thought offering cash might be the only way to get one.
The Nemetzes pooled their funds, including money from the sale of homes they had previously lived in, and bid on a house near where Kristy and Christel live in South Dakota. Their real-estate agent told them there were seven other offers. The sellers picked the Nemetzes in part because they offered cash for the house, which went for more than $500,000. That meant they didn’t need to wait around for a lender to approve a mortgage.
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