Apparently, the ultra-rich are still buying homes.
Listing agents don’t seem to be shying away either. Twelve of those 45 properties have hit the market since the beginning of March, when concerns over the pandemic began to swell.
Michael Razak, a mortgage advisor with Finance of America, said another factor pushing sales through earlier in the pandemic was fear of the unknown. Sellers in escrow prior to COVID-19 experienced a significant fallout, but those who were smart enough to keep their buyer on board — whether by giving a credit or another concession — were able to close their transactions and move on.
The wealthy are receiving loans much more quickly than the average homeowner, Meltzer said, because the private banks he works with give higher priority to those borrowing $10 million or more. property, they’re likely living in a pretty great house already, so there’s not an urgent need to find something under these conditions.
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