still king, at least in California.
With it being difficult to even qualify for a mortgage right now, the
market has definitely gone in favor of cash investors. California saw almost 146,000 homes bought
with cash transactions in 2012.
According to DataQuick,
a San Diego based real estate data firm, the number of cash sales in the state
in 2007 were 40,000.
John Walsh, President of DataQuick says, "It's clear that a lot of today's housing market recovery is being
fueled by people putting their own money into homes. Some cash buying is part
of a normal housing market, but we're at twice that normal rate."
From 1991 to 2012, the average percentage of cash sales
in the California housing market was 15.6%.
Just in 2012 those number soared to 32.4%. Here is the breakdown
of all cash sales throughout the state of California.
Walsh says the demographic of cash buyers has expanded out
of the normal investor box. The new investor pool ranges from, wealthy
home buyers, retirees, empty nesters, and even overseas investors.
If you can qualify for a mortgage, now may be the right time
to buy, before prices skyrocket along with your rent…