Boston Condos for Sale
Boston Real Estate Buyers Are Paying Cash
Single-family home in Buffalo. Detroit or Boston?
More and more homebuyers and investors are coming to the negotiating table and closing deals with cash in hand.
In a number of states and cities, cash accounted for the majority of sales. Across Georgia, 62.1 percent of homes that sold were bought with cash, a 147 percent increase over 2020. In Michigan, 58.4 percent did, and 52.5 percent in New York.
Some individual metro areas saw even higher percentages. The highest were Buffalo and Detroit, where 71 percent and 68.1 percent of sales were cash, respectively.
Both of those cities suffered huge drops in population as the Rust Belt lost manufacturing jobs in the late 20th century, and some homes fell into disrepair and lost most of their value. Bargain-hunting house flippers and single-family rental investors with cash on hand may now be squeezing out traditional homebuyers in those markets.
Investors since the pandemic have thrown money into the single-family rental space, first anticipating widespread foreclosures — which had birthed the single-family rental business during the last financial crisis — and now marketing to families priced out by record-high home valuations.
Boston Condos for Sale
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Boston Real Estate Buyers Are Paying Cash
You’ve heard the saying “cash is king.” Well, I guess it also applies to the Boston real estate market.
According to a new Otis & Ahearn study, more buyers are paying cash for properties in the Boston proper area. The number of buyers who paid cash for Boston condos accounted for nearly a third of all downtown sales in 2009.
Boston condos purchased with cash ranged from a modest $185,000 to a $9.3 million penthouse.
According to a recent article from The Boston Courant: The trend is being driven in part by bank lending requirements that are turning otherwise simple transactions into ordeals for even the most credit-worthy borrowers, downtown brokers contend.
Your thoughts?
Source: The Boston Courant. Sorry, no link to The Boston Courant is avail.
Boston Condos for Sale
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