All-cash home purchases have waned in popularity. The reasons include fading bidding wars, falling mortgage rates and rising prices.
Just a few years ago, more than a third of home buyers didn’t blink at throwing down cold hard cash to make their purchases.
The trend could be good news for a sluggish housing market in which existing home sales fell 4.2% the first half of the year compared with the same period in 2018, according to NAR figures.Not so perfect: Cooked Perfect frozen homestyle meatballs recalled in 10 states Making it work when cash is tight: Co-living spaces: How millennials, Gen Z create affordable rent situations in big cities
Investors have pulled backFifty-seven percent of investors -- who buy homes to rent them out or make repairs and then sell for a big profit – pay in cash, NAR says. Yet the share of home purchases made by investors has declined from 11.3% in 2018 to 11.1% so far this year, according to a housing research firm CoreLogic.
Also, foreign purchases of American homes fell 36% in the 12 months ending in March compared to the prior 12-month period, partly because of a sluggish global economy and tighter capital controls by China, according to the National Association of Realtors.
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