Nevada City Virtual Tour

Sunday, March 27, 2011

Cash Is King in Nevada County Homes for Sale

Cash Is King in Today's Distressed Marketplace

- D S  N E W S

A study conducted by the National Association of Realtors (NAR) shows that all-cash sales were a record 33 percent in February. By comparison, they were 27 percent in February 2010, according to NAR’s historical data.

The HousingPulse report notes that the increase in cash purchases last month paralleled a rise in activity among investors, who for the most part have their sights set on distressed properties that can be scooped up at a discount.

Investors bought 23.5 percent of the homes sold in February, up from 19.9 percent just two months earlier, according to the industry survey. Real estate agents participating in the HousingPulse survey of February transactions confirmed the surge in investors.

“We are seeing investors come back into the market. One investor told me that one house he wanted came on Wednesday p.m and had nine offers by Thursday a.m.,” stated an agent in New Jersey.

“There are a number of investors and businesses buying up the short sale and REO properties and renovating them and then selling them as traditional sales,” reported an agent from Arizona.

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