Market Data Archives

Is Anyone Paying All Cash to Buy Homes in This Economy?

Cash buyers for real estate is on the rise, and it is because many of these buyers believe now is the time to buy and get a deal before the market starts to rise again.

Nationally, 28% of sales were all-cash transactions last year, according to the National Association of Realtors. The rate was 14% in October 2008, when the trade group began tracking the measure.

The jump in real-estate purchases made with cash is another sign of the revival of animal spirits in the U.S. economy.The percentage of buyers in Phoenix paying cash hit 42% in 2010, and 50% of transactions closed in Miami were for all cash.

One investor is purchasing three properties for all cash, and these are not the lower end priced properties. All three were over one million dollars. Apparently he believes the market has bottomed.

In many instances people making cash offers to buy a home, will get a better discount due to the fact loan qualifications is not an issue. As a Realtor, I also like working with buyers who make cash offers, as these properties will close faster, again because there are no lenders involved.

While the media constantly bombards us with how depressed the housing market and economy is, there is encouragement that there are many people who are doing quite well and have money to invest in real estate.

Contra Costa December 2010 Home Sales Results

The results are  in for Contra Costa home sales for 2010, as compared to 2009 sales. All data was obtained from CCAR.org website.

Pending Sales in the Contra Costa region for Single-Family Detached homes were up 19.8%  from December 2009 to arrive at 303 contracts written. Townhouse-Condo Attached homes saw Pending Sales increase by 42.9 percent to 180.

The December Median Sales Price for Single-Family Detached homes was $555,000, down 7.5 percent from a year ago. Townhouse-Condo Attached homes saw a December Median Sales Price of $215,000, a decline of 23.2% from a year ago. For all of 2010, detached homes saw a 9.5% increase;  townhomes and condos prices decreased 1.2%. Read the rest of this entry

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