Photo: Seasn Dreilinger (flickr)
Realty Trac says more Hoosiers are buying homes using all cash. The company has released its list of cities with the highest number of all-cash deals on home sales for the month of June.
Miami, Las Vegas, Tampa, Detroit and Orlando round out the top five. In those cities, all cash deals made up anywhere from 53 percent to 64 percent of all sales last month.
Realty Trac Vice President Darren Blomquist says all-cash deals in Indianapolis hit 17 percent in June, which is up from 7 percent from June 2012. Blomquist says the market is conducive to cash due to lower home prices and tighter lending standards. He adds that institutional investors backed by Wall Street are also get into the market.
“A lot of investors are jumping into the market, not just individual investors but institutional investors backed by Wall Street and others that are jumping in and recognizing that it’s a good time to buy single-family real estate,” he says.
Blomquist says people who would rely on financing are not getting it, and the cash sales indicate a rise in consumer confidence and more people willing to invest.