Prior to the pandemic’s red-hot housing market, there was a simple profile that constituted an “A” buyer, according to Brian Copeland, a realtor in Nashville, Tennessee.
“Four years ago, an ‘A’ buyer was someone who was pre-qualified for a loan, had 3% down and could go out this weekend and buy a home,” said Copeland, who is also president of the industry association Greater Nashville Realtors. “Now, an ‘A’ buyer has all cash.”
In addition, the top buyers today are willing to waive appraisals and inspections and, in some cases, don’t even view the house they’re purchasing in person, he said.
“Everyone is being squeezed,” said Copeland, adding that middle-class affordable housing is “absolutely suffering.”