Since the realty industry rebounded from its slumber, cash buyers are slowly going away and that might be a good thing for the industry, more for buyers. According to Realtor, the percentage of homes purchased in cash is currently at 24.8% from the all-time high of 42.2% way back in 2011. If you may ask how is this good for the industry? How is it beneficial for non-cash buyers?
Experts expanded on this topic and see it as a good thing for the market. They said that this is good for non-cash buyers, most especially for those who are just starting. According to them, most of the cash buyers are big companies or foreign entities that prey on the weak industry and most likely the house that they have acquired will just sit down and will be not be occupied. Also, these houses that they are targeting are ideal for small starting families who are looking for a reasonable but good place to live.
Another expert, RealtyTrac's VP Daren Blomquist, pointed out that the housing transition from investor-driven, cash-is-king market to more dependent on traditional buyers, sales volumes has been increasing over the few last months and is on track in 2015 to hit the highest level that the market has seen since 2006.
Logan Mohtashami, a mortgage expert, said that the diminishing numbers of cash buyers is a positive thing for the industry. He said that less cash means more traditional buyers are coming in. This also means that the supply and demand balance is now more correlated.
In relation to this article, RealtyToday also published an article recently about the most affordable homes across the nation.
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