Did you know all-cash sales make up a large part of home sales? For the first quarter 2014 43% of home sales were all-cash nationally. (Prior to the housing crisis, all-cash sales made up 25% of sales.)
February 2014 All-Cash Home Sales By State
- Ohio = 44%
- Kentucky = 39%
- Indiana = 44%
Why All Cash?
The demand for homes is high and the supply is low. Cash is a way to be competitive when making an offer on a home.
Cash Deals are Not Just Investors
Institutional investors purchased many distressed properties in the last few years with all-cash deals, but these type of purchases have slowed to just 5.6% of all US residential sales for the first quarter of 2014 (as compared to 7% one year ago.)
Want to read more about all-cash sales? Go here.
Don’t Have Cash for Your Home Purchase?
Do not worry – this blogger would not have the cash, either!
If you are looking to purchase a home and will need a mortgage, getting pre-approved will work in your favor when making an offer on a home. Contact Sibcy Cline Mortgage Services to become pre-approved.