Philly Is in Top 10 Metros Where Home Buyers Pay Cash
According to Redfin, 32 percent of homes purchased in 2014 in the country’s 17 largest cities were paid for with cold, hard cash. Since 2011, cash sales have represented about a third of the market activity. The reasons?”Tighter mortgage lending standards, investor purchases and fewer homes on the market,” says Redfin.
Those most likely to pay cash are either buying an incredibly inexpensive property — in Portland or Baltimore, say — or a very, very pricey one, like those in Miami or Vegas. The midrange homes — between $200,000 and $600,000 — are least likely to fetch all-cash offers.
And the prevailing winds of change may be moving in a different direction. Financed home buying is still down compared to a decade ago, but it is trending upward compared to last year, while cash purchases are holding steady, it seems.