Cash buyers rule home-sales market
Posted by AZF Contributor on 6/22/11 • Categorized as Arizona Homes For Sale,Buy and Hold Investments,International Home Buyers,Trustee Sale Acquisition
Cash buyers are snapping up homes in markets nationwide, betting that deals won’t get much better.
Last month, all-cash buyers accounted for 30% of existing home sales, up from 25% in May 2010, and 12% two years ago, says the National Association of Realtors.
Cash buyers, who are mostly investors, accounted for at least 30% of existing-home sales for the fifth-straight month, the association says. They hit 35% of buyers in March.
The cash buyers are enticed by low prices and potential rental income, economists say. But while their activity has helped curb price drops, price increases have yet to follow.
