Taste Tuolumne

Musings on Food, Fun & Real Estate in the Mother Lode

Cash is King for Homebuyers

money

According to this article published today by NBC NEWS business,  42.1% of all U.S. homes that sold in December were cash purchases as compared to 38.1% in November. In December 2012 cash purchases were only 18% of the sales. From 18% to 42.1% – that’s quite an increase.

In Tuolumne County we have seen a significant number of all cash purchases over the last few years. Like the example in the article, we also saw a month over month increase where in December, 32% of our home sales were all cash as compared to 24% in November. Unlike the national numbers December 2012 was identical to 2013 and in addition, year over year the percentage of our cash purchases has remained fairly steady. Here is a break down since 2010:

                     Sales      Cash      Percent

 2013       907         312         34

 2012       911         316          35

 2011       784         307          39

 2010       625         212         34

Cash buyers are awesome for sellers but they make for stiff competition for buyers needing a loan. Will this trend continue? Stay tuned and I’ll keep you posted.

In the meantime,  if you see national real estate news and would like to know how the Tuolumne County real estate market compares, shoot me an email or give me a call. I’d be happy to help. robin@tuolumnehomes.com or 209-536-3000.

Source of Sold Information: Tuolumne County Association of Realtors MLS

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