Thanks to a recent report from Oregonlive.com and CoreLogic we know that all-cash home buyers are less active in Portland Oregon than they were just one year ago.
Welcome News to Home Buyers
This news is certainly good news for home buyers in Portland Oregon who have been struggling to buy homes for sale in the last year and if you know someone who bought a home in Portland during the last year it’s not uncommon to know someone who lost out on buying the home they really wanted to an all cash buyer.
As of May 2015 all cash sales only amounted to just 21 percent of home sales in Portland Oregon and that’s down by close to 2 percent from May of 2014.
One of the biggest things which could be leading all-cash buyers to search for properties outside of Portland Oregon could be rising home values which have continued to increase every month and keep our city as one of the fastest growing Real Estate markets in the United States.
Have Fewer Cash Buyers Left Portland Than Expected?
Although many websites like portlandmetrolive.com are reporting that just 21 percent of sales in May were cash sales many Realtor’s feel that the actual drop in cash sales is higher than what’s being reported.
Nationwide the actual cash sales rate is about 32 percent while in Portland many brokers feel that it’s closer to 30 percent.
Where Are Cash Buyers Going?
Cash sales soared back in 2011 when close to 50 percent of home sales nationwide were all cash sales but that’s due to the fact that credit standards were so tight back then.
These days credit standards have eased quite a bit and it’s now easier for people to qualify for mortgage loans plus with rising home prices in Portland and across the United States this makes it more competitive for all cash buyers to find homes ,but there are still deals out there.
The top states right now for all cash buyers are Florida, New York and New Jersey.
Here in Portland the cash buyers who are still sticking around are still the traditional Real Estate investor to the retiree who sold their home in a more expensive market and has chosen to retire in Portland.