According to the Multiple Listing Service of Greater Cincinnati during 2015, 24,275 single family homes and/or condos were sold and closed. That equates to 24% of the deals or 5,930 closings where the buyer paid cash! In 2014 buyers paid cash for 6,051 of the 22,645 sold/closed single family homes and/or condos or 27% of the deals.
Our area seems to be in sync with the other cities in Ohio as well as national home sales where cash buyers are still a critical part of the real estate markets.
According to CoreLogic -the best information provider for the types of real estate transactions happening in all the states -all cash sale fell by 3% points by the end of September. However greater Cincinnati can expect the number of cash deals to slowly decline as the number of distressed homes and condos continues to decline. Even Realtor Magazine published by NAR has been warning real estate agents all year that cash sales were cooling down.
What does mean for the average seller in today’s real estate market. Most of the deals on regular sales (non-distressed properties-not in foreclosure or short sale) have been paid for with conventional loans. Buyers are getting a mortgage buying homes and condos. For those looking for a cash buyer your time on the market may be longer and you may have to make more pricing adjustments. Cash buyers will always be part of the real estate landscape but they usually wait for a depressed housing market to snap up deals.