See how many all-cash buyers snagged houses in your neighborhood

[RV_]

Amazing and the link contains an interactive chart to check your zip code.

"Rising interest rates, soaring home prices and decreasing inventory aren’t the only things making it difficult to buy a home these days.

Last year, nearly a third of U.S. homes were purchased with cash, according to data provided by the realty company Redfin. That’s an 8 percent increase from 2021, continuing a trend that started during the pandemic. The share of homes bought with cash is now at levels not seen since 2014, when the housing market was on the rebound after the foreclosure crisis and the Great Recession.

The rise of all-cash buys comes at a time when the average home buyer is increasingly likely to be White, wealthy and older and the proportion of first-time buyers is at its lowest in more than 40 years.

[Millennials shut out of the housing market, again]

“Only the wealthy are essentially buying homes,” said Lawrence Yun, chief economist at National Association of Realtors. “If this trend was to continue, that means something fundamentally is wrong with society.”

The trend isn’t happening equally across the country. In Washington, D.C., and its immediate surroundings, almost a fifth of homes purchased in 2022 were bought with cash. Forty miles north in Frederick, Md., that rate nearly doubles."

Explore the data by metro area in the article here:

https://www.washingtonpost.com/business/interactive/2023/all-cash-buyers-housing-market/?utm_campaign=wp_post_most&utm_medium=email&utm_source=newsletter&wpisrc=nl_most&carta-url=https%3A%2F%2Fs2.washingtonpost.com%2Fcar-ln-tr%2F3914775%2F63e52a111b79c61f8785ecb7%2F596b1cddade4e24119ade2b6%2F9%2F74%2F63e52a111b79c61f8785ecb7&wp_cu=5ccf387cc5a75de4cf34e22f8f8fb45b|7057FFF811DE34AFE0530100007F6636

 

[2gypsies]

Interesting.... in our area 2017 was 50% and 2022 was 56%.  This is a retirement community.

[Darryl&Rita]

No data to back it, but I have a suspicion the "cash buyer" market trends might be getting skewed by firms such as Blackstone.

[pjstough]

40 minutes ago, Darryl&Rita said:

No data to back it, but I have a suspicion the "cash buyer" market trends might be getting skewed by firms such as Blackstone.

Yes, and others. I saw an article a few weeks ago, and I dont remember the market, but in the 2nd quarter of last year, in this market, over 18% of homes sold were sold to investment firms.

[Kirk W]

22 minutes ago, pjstough said:

over 18% of homes sold were sold to investment firms.

This article is from last June.

Investors bought nearly a third of all homes in Texas last year

And from Feb. 5, 2023:

15 Best Companies That Buy Houses for Cash (2023 Rankings)

[superyooper]

Mobile home parks are being bought by large corporations across the country and as a result the lot rents are tripling. The same applies for apartments and condo's in Florida. No rent controls in place to protect people so it's a win win for the corporation. Low income people on social security are in for some hard times.

[Lou Schneider]

21 hours ago, superyooper said:

Mobile home parks are being bought by large corporations across the country and as a result the lot rents are tripling. The same applies for apartments and condo's in Florida. No rent controls in place to protect people so it's a win win for the corporation. Low income people on social security are in for some hard times.

That's one of the reasons I decided to invest in getting a lot in one of the Escapees co-op parks instead of a mobile home in a commercial park for my retirement.  As a co-op the park and all it's amenities are owned and controlled by the members so there's no chance of the land being sold out from underneath.

[RV_]

On 2/9/2023 at 12:35 PM, 2gypsies said:

Interesting.... in our area 2017 was 50% and 2022 was 56%.  This is a retirement community.

Look up Naples Florida! "After a small dip three years ago, the percentage of homes bought entirely with cash in Naples has reached a new high at 56 percent." That from the article in my OP.

I had them calling me here weekly and I still get postcards offering to buy my house in addition to neighbors who watched use update and improve the house.

I think not renting for those who can buy cash, or lease a lot in the SKP system is prudent for the next few years.

 

[RV_]

On 2/9/2023 at 2:31 PM, Kirk W said:

Investors bought nearly a third of all homes in Texas last year

Kirk yeppers, that is what my OP said the national average right now. It's in the second paragraph of the excerpt if you missed it.

Edited February 13, 2023 by RV_