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All Cash Deals Still Rule in Some Housing Markets


Source: Money-CNN
Silicon Valley Buyers Drive Record Sales of High-End Homes in Santa Cruz
Buying a home? You still have to compete against the big money bringing all-cash. But it’s getting a little easier.

All-cash deals made up 38% of all home sales in the second quarter, according to RealtyTrac, down from 42% in the prior quarter.

One reason is that big institutional buyers, those buying at least 10 homes a year, are finding fewer deals.

“It was an option that my insurance agent tried to talk me into. But I’m from Minnesota, and I haven’t had to deal with anything like this before.” They accounted for 4.7% of all homes sold, down from a peak of 6% in 2013.

As the housing market recovered, these investors were buying up homes in deeply troubled markets, like Phoenix and Las Vegas. Those bulk buys helped to reverse the slide in home prices.

Read the full story at Money.Cnn.com