{"id":844942,"date":"2022-12-22T18:05:05","date_gmt":"2022-12-22T17:05:05","guid":{"rendered":"https:\/\/bebeez.it\/non-categorizzato\/redfin-reports-share-of-homes-bought-with-all-cash-hits-highest-level-since-2014\/"},"modified":"2022-12-22T18:05:05","modified_gmt":"2022-12-22T17:05:05","slug":"redfin-reports-share-of-homes-bought-with-all-cash-hits-highest-level-since-2014","status":"publish","type":"post","link":"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/redfin-reports-share-of-homes-bought-with-all-cash-hits-highest-level-since-2014\/","title":{"rendered":"Redfin Reports Share of Homes Bought With All Cash Hits Highest Level Since 2014"},"content":{"rendered":"

\nFHA loans are also making a comeback as a slowdown in homebuyer competition makes winning a home easier for bidders with lower down payments\n<\/p>\n

SEATTLE–(BUSINESS WIRE)–(NASDAQ: RDFN) \u2014 Roughly one-third (31.9%) of U.S. home purchases were paid for with all cash in October, according to a new report<\/a> from Redfin (www.redfin.com<\/a>), the technology-powered real estate brokerage. That\u2019s up from 29.9% a year earlier and the highest share since 2014.\n<\/p>\n

<\/a><\/p>\n

\nThe share of home purchases using all cash shot up in the beginning of 2021 after reaching a record low of 20.1% in April 2020 and has remained elevated. But the factors encouraging buyers to pay in cash are different in the current slow housing market than they were during the pandemic homebuying frenzy.\n<\/p>\n

\n\u201cToday\u2019s affluent homebuyers are motivated to pay in cash because the surge in mortgage rates makes them want to avoid loans\u2014and the high monthly interest payments that come with them\u2014altogether. Mortgage rates have declined in recent weeks but are still hovering above 6%,\u201d said Redfin Economics Research Lead Chen Zhao. \u201cDuring the pandemic housing boom, buyers were incentivized to pay in cash because of low rates, which drove up competition and made all-cash offers an effective bargaining chip for those who could afford them.\u201d\n<\/p>\n

\nAll-cash purchases most prevalent in Florida; least prevalent in the Bay Area\n<\/p>\n

\nAll-cash home purchases increased in 29 of the 39 metros in Redfin\u2019s analysis from October 2021 to October 2022. They increased most in Riverside, CA, where they rose to 38% of all home sales from 19.2%. It\u2019s followed by Cleveland (47%, up from 32%), Cincinnati (43.9%, up from 29.6%), Montgomery County, PA (31.2%, up from 22.7%) and Philadelphia (37.1%, up from 29.4%).\n<\/p>\n

\nAll-cash purchases were most common in Florida in October. Jacksonville, where roughly half (49.7%) of homes were bought in cash in October, comes first, followed by West Palm Beach (48.6%). Next come a pair of Ohio metros: Cleveland and Cincinnati, which are also on the list of places where cash purchases rose most. They\u2019re followed by Atlanta, at 41.3%.\n<\/p>\n

\nExpensive West Coast metros dominate the list of places with the lowest share of all cash-purchases. They\u2019re least common in the Bay Area: Just 14.3% of home purchases in San Jose and 16.5% in Oakland were made in cash. Next come Seattle (19%), Los Angeles (19.2%) and Newark, NJ (20%).\n<\/p>\n

\nFHA loans bounce back, hitting highest share in nearly two years\n<\/p>\n

\nRoughly one in seven (14.6%) mortgaged home sales used an FHA loan, the highest share in nearly two years. That\u2019s up from 13.1% a year earlier and a record low of 10.4% in April. Overall, conventional loans are the most common type for homebuyers, making up 78.5% of all home sales that used a mortgage in October. That\u2019s down from 80.5% a year earlier but largely in line with where the share has stood since mid-2020.\n<\/p>\n

\nFHA loans, which typically allow for lower down payments, have ticked up in popularity in response to the slowdown in housing-market competition. They were less common at the height of the pandemic buying boom, when sellers were receiving multiple offers and would often choose the one with strongest financing.\n<\/p>\n

\n\u201cI\u2019m working with several FHA buyers,\u201d said Cleveland Redfin agent Jerry Quade. \u201cThey\u2019re back in the market after bowing out for the last two years, hoping to secure a relatively low-priced home with no competing offers and a high likelihood that the seller will accept their loan type.\u201d\n<\/p>\n

\nThe share of mortgaged sales using VA loans, which also have lower qualification thresholds for borrowers, rose to 6.9% in October, the highest share in over two years. That\u2019s up slightly from 6.4% a year earlier and up from the record low of 5.5% set in mid-2021.\n<\/p>\n

\nTo read the full report, including charts, methodology and additional metro-level data, visit: https:\/\/www.redfin.com\/news\/all-cash-home-purchases-fha-loans-october-2022\/<\/a>\n<\/p>\n

\nAbout Redfin\n<\/p>\n

\nRedfin (www.redfin.com<\/a>) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country’s #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we’ve saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.\n<\/p>\n

\nFor more information or to contact a local Redfin real estate agent, visit www.redfin.com<\/a>. To learn about housing market trends and download data, visit the Redfin Data Center<\/a>. To be added to Redfin’s press release distribution list, email press@redfin.com<\/a>. To view Redfin’s press center, click here<\/a>.\n<\/p>\n

Contacts <\/p>\n

\nRedfin Journalist Services:
Erin Osgood, 206-588-6863
\n
press@redfin.com<\/a><\/p>","protected":false},"excerpt":{"rendered":"

FHA loans are also making a comeback as a slowdown in homebuyer competition makes winning a home easier for bidders with lower down payments SEATTLE–(BUSINESS WIRE)–(NASDAQ: RDFN) \u2014 Roughly one-third (31.9%) of U.S. home purchases were paid for with all cash in October, according to a new report from Redfin (www.redfin.com), the technology-powered real estate […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49630],"tags":[],"settori":[],"slider_categorie_and_home_page":[],"class_list":["post-844942","post","type-post","status-publish","format-standard","hentry","category-real-estate-in-asia-pacific"],"acf":[],"yoast_head":"\nRedfin Reports Share of Homes Bought With All Cash Hits Highest Level Since 2014 - BeBeez<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/redfin-reports-share-of-homes-bought-with-all-cash-hits-highest-level-since-2014\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Redfin Reports Share of Homes Bought With All Cash Hits Highest Level Since 2014 - 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