More Cash Buyers in the Boise Real Estate Market
According to a recent Wall Street Journal article, cash transactions were up in many major real estate markets across the U.S. in 2010.
The same is true for the Boise real estate market where in 2010 18% of the home sales were cash buyers compared to 7% in 2007. We have had a few clients submitting offers get beaten out by cash buyers recently here in Boise. I think what’s causing this are the many Boise bank-owned and Boise short sale properties that the banks are discounting aggressively.
Other Markets Outside of Boise
According to the National Association of Realtors, 28% of the national sales were cash transactions in 2010. Up from 14% in October 2008 when they began keeping track. In several of the largest real estate markets in the U.S., cash transaction approached 50% in 2010:
- Miami Real Estate over 50%+/-
- Las Vegas Real Estate 45.9%+/-
- Phoenix Real Estate 35.6%+/-
- Chicago Real Estate 23.4%+/-
- San Diego Real Estate 23.1%+/-
- Los Angeles Real Estate 20.4%+/-
Information courtesy of Trulia.com