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Thursday, March 30, 2017

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. 

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