Cash is king – California record in home purchasing

by Rob Regan on February 11, 2013

According to Dataquest 2012 beat the 2011 record for all cash purchases of homes in California  That accounted for a whopping 32.4% of all home sales.  Piggy backing on the CNBC report on investment firms buying up single family homes, this report also states that 28% of the all cash sales in California were from investors buying more than one property at a time, and combined they bought over 41,000 homes.

In San Francisco 1816 homes were purchased with all cash, which is up 32.4% from 2011.  The 1816 homes compared with sales reported on the MLS appears to match the state-wide average of roughly one-third of homes being purchased with all cash.

This is of course troubling for buyers who need a mortgage because they’re at a disadvantage in multiple offer situations where matching offers almost always go in favor of the one without a mortgage..

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