Cash buyers may still be king, but there are signs now that their long reign may be finally coming to an end.
Check out Colleen Sullivan's piece in Banker & Tradesman, which charts a precipitous decline in the number of all cash sales.(Yes, I write a column for the paper.)
Basically, 40 percent of all homes in the state were bought with cash in October 2011, but that number has dropped almost in half, down to just over 23 percent in June, she reports.
The B&T piece cites a decline in investor activity in some hard-hit urban zip codes, such as Springfield.
But there have also been a lot of all-cash deals on the higher end of the market in Cambridge and Boston, basically wealthy buyers who have been stashing away cash for years and are now making their move.
Not sensing a big decline in that demographic, but maybe I am missing something.
That said, fewer cash buyers certainly would be good news for average buyer who has to rely on getting a mortgage to buy a house.
What's your take?
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