The Current Real Estate Market & Cash Buyers

CNN has reported that the number of cash real estate transactions in the first quarter of 2014 more than doubled compared with last year. What’s causing this?

I think it’s the shortage in inventory. It’s causing multiple offers on properties. If you want to make your offer as strong as possible, it’s best to offer cash or a large cash downpayment.

Sellers are selecting the strongest offer and sellers are specifically looking for buyers that are able to pay cash and close quickly. When a buyer pays cash, the seller doesn’t need to be concerned about an appraisal and the strict underwriting guidelines.

According to CNN, Miami, New York, Boston, and the California Coast are attracting foreign cash buyers. Is it the same in Portland?

Yes. If you come over from a foreign country to buy a real estate in the United States, it’s likely that you do not have a credit score or credit history. Therefore, it’s likely that you will need to pay cash to purchase a property in the United States.

Tune in to KXL‘s “Experts on the 19′s” every Monday morning at 6:49AM and 8:49AM and listen to real estate advice from Portland’s Real Estate Advisor, Rick Sadle.

Follow Us!
Twitter @Rick_Sadle
Pinterest
Facebook Page

Copyright © 2013 Portland's Real Estate Advisory.