In my experience with this, all-cash and over-asking have nothing to do with one another.
Yes, I too have heard the anecdotal/unsubstantiated claims that many all cash offers are Chinese. It may well be true, but all I've ever heard was conjecture.
But over-asking has nothing to do with all-cash. We bid on several homes, all of them, including our final winning bid, were 20-30% over asking. That is normal in this market where the RE agents have decided we need to play this charade of low pricing instead of pricing accurately to the market.
While I agree that a house is not a good short term investment, I disagree with the notion that this is a market out of steam. I've seen nothing to suggest that.
Yes, I too have heard the anecdotal/unsubstantiated claims that many all cash offers are Chinese. It may well be true, but all I've ever heard was conjecture.
But over-asking has nothing to do with all-cash. We bid on several homes, all of them, including our final winning bid, were 20-30% over asking. That is normal in this market where the RE agents have decided we need to play this charade of low pricing instead of pricing accurately to the market.
While I agree that a house is not a good short term investment, I disagree with the notion that this is a market out of steam. I've seen nothing to suggest that.