According to the Multiple Listing Service of Greater Cincinnati during 2016 a total of 22,939 single family homes/condos were sold/closed and %24.5 of the deals were paid for with cash. Compared to 2015, 24,275 single family homes/condos were sold and closed and 24% of the deals or 5,930 were cash closings. 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.
Locally our percentage of cash deals is lower than the State of Ohio or our neighbors in Kentucky and Indiana. .
According to the latest CoreLogic report cash sales are declining throughout the country.
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) are financed with conventional mortgage 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 slower housing markets or super great deals and then start buying homes and condos.