As the saying goes, cash is king. And that’s especially true in today’s pandemic-fueled thrill ride of a real estate market, where homes can sell in days—or even hours—and usually after multiple offers.
In this Wild West environment, buyers are doing anything they can to stand out. And more and more, all-cash offers do just that, and can mean the difference between getting that dream home—or winding up empty-handed. Again.
The percentage of home sales made in cash rose about 5% in the first two months of this year compared with the same period last year in the 300 largest metropolitan areas, according to Realtor.com® analysis of sales data from CoreLogic, a real estate analytics firm. All-cash deals make up 20% of sales over this period.
With more people forgoing mortgages to gain an edge, our data team decided to take a look at which metros have seen the biggest growth in cash purchases so far this year. We found that all-cash offers were up in places with (relatively) affordable homes outside of bigger cities; in vacation spots; and in regions where competition has become exceptionally fierce.
Image: Pixabay
