In a year which has seen record low mortgage rates, cash transactions are becoming increasingly popular.
In 2011 38% of homes were purchased with cash. Several factors have led to the flight to cash – as mortgage rates have fallen underwriting rules have tightened, and real estate investors are seeking a better return on their investment dollar.
Data from the National Association Of Realtors reports that in 2008 cash transactions comprised only 14% of home purchases.
In some areas of the country, for example the Miami-Fort Lauderdale area, cash transactions account for more than 50% of sales, as buyers are purchasing distressed properties at rock bottom prices.
Locally in the Wallingford market, cash transactions have accounted for slightly over 19% of homes sold in 2011.
Wallingford Real Estate – Wallingford, PA 19086
