RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released its Q1 2014 U.S. Institutional Investor & Cash Sales Report, which shows the share of all-cash sales reached a new high in the first quarter even as the share of institutional investor purchases dropped to the lowest level since the first quarter of 2012.
On this subject, Active Adults Realty Broker Kathy Sperl-Bell said of the local market, “I agree with Kevin G. Hall of McClatchy’s Washington Bureau on www.newsobserver.com, who says, Cash is king in real estate as that one in three buyers are paying cash, a record high number. The trend is being driven by retiring baby boomers and rich investors, who unlike most first-time buyers can bypass tighter lending requirements to pay cash. Locally, we are seeing Boomer Clients paying cash or mostly cash because they are moving to Delaware from states where the homes they are selling have appreciated significantly over the 25 or more years they lived there. Some of our clients are even purchasing ahead of retirement to take advantage of home prices that are still quite reasonable but beginning to climb.”
Money Talks… 42.7 % of all U.S. Residential Property Sales Were Cash Purchases
The report shows 42.7 percent of all U.S. residential property sales in the first quarter were all-cash purchases, up from 37.8 percent in the previous quarter and up from 19.1 percent in the first quarter of 2013 to the highest level since RealtyTrac began tracking all-cash purchases in the first quarter of 2011. To learn more about how Money Talks… or about the other high-level findings from cash purchases data, read the article on our blog, CLICK HERE or COPY and PASTE the following link into your browser. http://blog.activeadultsdelaware.com/2014/05/14/residential-property-sales-reach-new-high