Friday, March 11, 2011

We paid cash for our million-dollar home

This is a very interesting situation that is currently happening in the housing market.  This is due to several factors, but I think most people are forgetting that current Certificate of Deposit interest rates are below 1%.  This sometimes entices people to try other investments, especially if they believe or meant to believe this market bottom for housing prices.  Remember there other risks other like economic and higher mortgage rates.

The busy professionals have three kids, aged 14 to 20, and they don't have the time or inclination to mess around with homebuying. "The process has to be painless," she said
The Vasquezs are not unique; cash buys are becoming common. The number of homes bought with cash jumped to 32% in January compared to 26% a year earlier, according to the National Association of Realtors.
In Southern California, about 30% of the sales in January were cash, according to DataQuick Information Systems. Same thing in Denver. In Phoenix and Las Vegas, cash sales topped 50% of all deals.
"I'm personally closing about 30 deals a month and at least 30% of them are all cash," said Ruth Pugh, a San Diego-area agent.

1 comment:

  1. Its such a nice post ans informative. Thanks for the post.