Cash Buyers: Top 10 States For Real Estate Cash Buyers
Cash Buyers: Crush it With Cash in Today’s Market
As interest rates climb steadily, so do the number of real estate cash purchases that are taking place. In addition to rising interest rates, big investment opportunities are ripe for the picking in some markets and thus have become a significant contributing factor, as well. Finally, given their propensity to pay for real estate purchases with cash, in whole, and up front, institutional investing has also been a huge contributing factor in these trending cash buy occurrences.
Up a whopping 31% year over year from 2012, traditional financing accounted for only a little over 60% of new home purchases in July.
The rest are all real estate sales to cash buyers.
Among the states that had the highest incidences of cash real estate purchases, those that were hit the hardest by the housing crises have risen to the top. Likewise, most of the states in the cash buyer category had the highest peaks of institutional buying.
In a recent interview with 24/7 Wall St., RealtyTrac CEO Daren Blomquist said, “By nature, with distressed sales, besides the fact that it’s low-priced, when you buy a foreclosure property at the public foreclosure auction, in most states, you do have to pay cash there. No matter what the price, you do have to pay cash,”
This is all great news for real estate investors and those who are smart will keep their eye on the top ten states for cash sales, as reported by RealtyTrac:
- Florida
Cash sales: 65.8%
Median list price: $159,900
Institutional sales: 14.4% - Nevada
Cash sales: 64.4%
Median list price: $185,000
institutional sales: 15.6% - Maine
Pct. cash sales: 59.5%
Median list price: $209,950
institutional sales: 3.3% - Michigan
Cash sales: 53.1%
Median list price: $129,900
Pct. institutional sales: 10.5% - South Carolina
Cash sales: 49.9%
Median list price: $164,039
institutional sales: 13.7% - Georgia
Cash sales: 49.5%
Median list price: $169,500
institutional sales: 22.2% - Arizona
Cash sales: 47.8%
Median list price: $192,500
institutional sales: 14.6% - Ohio
Cash sales: 47.0%
Median list price: $118,900 (the lowest)
institutional sales: 7.0% - New Jersey
Cash sales: 45.0%
Median list price: $279,900
institutional sales: 3.1% - Hawaii
Pct. cash sales: 44.3%
Median list price: $429,900
institutional sales: 2.3%
Nevertheless, the bottom line is, to get in on these cash deals that are taking place, you have to think differently than you have in the past; you have to start working your deals backwards.
When you take advantage of find cash buyers now, this amazing step by step system will help put you directly in touch with the cash buyers who are looking for you and the deals you have to offer them.