Cash sales in the Portland Metro area totaled 21% of overall home purchases in May 2015, according to the analytics company CoreLogic. While over a fifth of homes selling for all cash is certainly a sizable percentage, this is down 1.2% from May 2014.
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This trend is likely welcome news for financed homebuyers, many of whom have been frustrated by having to compete with cash buyers in the mutiple offer situations that are happening all across Portland. The lack of a financing contingency is appealing to many sellers who are enjoying the benefits of selling a home during this period of incredibly low inventory, as this means there is one less barrier to a successful closing.
If you have any questions on what this means in relation to your buying power, please don't hesitate to give me a call or email! I'd be happy to sit down with you for a buyer consultation to review your options.