It’s a tough time to be a buyer in the housing market.
The average price of a new home in 2020 was $389,400 U.S. dollars, and in 2021, it reached $408,800, according to data from Statista. Bidding wars are competitive, and younger buyers coming in with traditional mortgage products find they are losing those bidding wars time and again to cash buyers able to move more quickly to close the deal.
And the difficulty isn’t limited to a few super-hot primary markets like New York and Los Angeles. It’s also defines the market in secondary and even tertiary markets as urban residents migrate to the suburbs, bringing their big urban salaries along with them.
The problem has reached critical levels, Ribbon Co-founder and…