Getting into a home maybe much easier for many, now that all-cash buyers have significantly dropped off. Recent data, from Zillow and other, suggests that buying a home for most families with a traditional mortgages has been helped because all cash buyers are leaving the market.
Whereas, some of the least expensive housing areas like Miami-Dade have over 59% all cash offers in the first quarter of 2015, the San Francisco market peaked at 36% in 2010. Post purchase refinancing also suggests that the about a third of the 29% of Bay Area homes are not all cash but instead are traditionally financed. Now that many of the institutional all cash buyers looking to create a rental portfolio have left the market, price pressure and the drop in the number of buyers makes home buying more of a possibility.
What does this mean to the millions of families wanting to buy a home with a traditional mortgage? It means homes will be more fairly priced and a higher likelihood of moving into a home of their dreams.
If you are looking for you dream home, please contact us today or give us a call at (855) 908-3610.