In yesterday's post, smell the $$$, I talked about the advantages of being a cash buyer. And that got me wondering just how many cash buyers there really are in the Tucson Foothills these days.
A few key strokes later and I see that of the 343 homes sold in the Foothills since January 1st, 65 of them were cash purchases, that's 18.9% of all the homes sold were paid for with cash, no mortgage.
That's higher than I expected, because in my experience cash buyers have been limited to those buying at $1,000,000 and up.
And since there have only been 38 sales at 1,000,000 and up since Jan 1st, 18.9% seemed high.
So taking it a step further I find out that contrary to my own experience, there are plenty of cash buyers at all price ranges, including many well below $1,000,000.
15.8% of sales at $0 - $500,000 were cash buys, and 16.7% from $501,000 - $1,000,000 were cash. The percentages do start to jump though at the higher end. At $1,001,000 - $2,000,000 32% were cash buys, and at $2,001,000 and up there were 8 sales, 6 of which, or 75%, were paid in cash.
So there's money out there in all price ranges. And hopefully these cash buyers leveraged their cash buyer status to make a great deal.
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