Agent

Cash buyers are still out there, except in DC

Only 13.6 percent of DC buyers use cash for homes
  • The cash rate for home purchases in the DC area is the lowest in the country.
  • Cash sales have been trending down since January 2013.
  • Retirees take their cash to Florida to buy homes, with cash buys at or near 50 percent.

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Many only dream of plunking down a wad of hard, cold cash to buy a home, but a substantial number of homebuyers still do it. Just not in our nation’s capitol. The cash rate for home purchases there is the lowest in the country, according to CoreLogic data. The Washington-Arlington-Alexandria, D.C.-Va.-Md. Core-Based Statistical Area had the lowest cash sales share at 13.6 percent for July 2015. But the dead-last ranking shouldn’t necessarily be upsetting as cash sales have been trending down as a percentage of total sales since January 2013. The cash craze peaked in January 2011, when a whopping 46.5 percent of homes were purchase with greenbacks. In July 2015, cash purchases made up 30.8 percent of total home sales. Year-over-year, that’s a drop of 3.4 percent from July 2014’s 34.2 percent. For comparison’s sake, cash sales were 25 percent of the total prior to the housing crisis. Perhaps due to the high cost of living, or the fact that many in the DC area sh...