Cash Not So Much King, But We Still Love Those Cash Deals

In the last few years, all cash sales have accounted for a large percentage of home sales, both nationally and in the Tucson homes market.  32.4% of national home sales in November 2016 were cash, down from 4.5% from the year before.  The most recent stats for Tucson show that 27.7% of sales in February of this year were cash deals. That is down a bit from the 30.1% of sales that were cash in February 2016, so we seem to be tracking the national trend as well. 

As 2016 was coming to a close, the state with the most cash sales was New York, with 47% of transactions being cash. 

Sellers in particular like all cash sales because there is no anxious waiting for the buyer to qualify for a loan and often the buyer does not even write in an appraisal contingency.  So cash sales can close much faster and with fewer complications. 

Many Things are Relative in Real Estate

Occasionally we will see a listing where it is openly disclosed that some member of the listing agent's family is the owner of the property. Why is that?

First of all, it is the right thing to do.  Plus, it is the law. Arizona statutes require a real estate agent to disclose if the purchaser or seller represented is a member of the agent's immediate family.  And by law, immediate family means "persons related to an individual by blood, marriage or adoption, including spouse, siblings, parents, grandparents, children and grandchildren."

And note that this works both ways. An agent representing a relative who is buying a house should disclose that as well.

Tucson Tuesday: Double Rainbow over Pusch Ridge

"Don't count the days, make the days count." - Muhammad Ali

Mortgage Rates Dip This Week

Mortgage interest rates have been pretty stable the last few weeks and this week showed a very slight decline.  Average rates on a 30-year fixed rate mortgage dropped from 4.16% to 4.10%.  This is continued good news for both buyers and sellers.  OK, so not that exciting but a buyer had just asked me what is going on with rates, so there ya go!