A than any late summer since 2019 because it’s a buyer’s market in much of the country. In an ultra-competitive market, like we saw during the pandemic, the market favors buyers with higher down payments and more ability to prove their financial security. In late 2020 and early 2021, when mortgage rates were at record lows and we were in a prime seller’s market, less than 6% of mortgaged homebuyers were using VA loans. But now that the market has tilted in favor of buyers, people are more likely to get an offer using a VA loan accepted and the share of buyers using a VA loan has risen.
“A buyer can make an offer with a VA loan, put virtually no money down, ask for $5,000 in closing credits, and get their offer accepted,” said Jim Fletcher, a Redfin Premier agent in Tampa, FL. “The market is slow, there’s a backlog of inventory, and buyers are in the driver’s seat. Florida historically has had a lot of all-cash buyers, but recently, there are more financed buyers–and many of them are able to win homes with ultra-low-down payments while also having the seller cover most closing costs.” Ready to find your Dream Home Contact Sabriena, Your Florida Luxury Paradise provider under Quality Standards Property Management